Fitch gives China Hongqiao notes BB

Fitch Ratings said it assigned China Hongqiao Group Ltd.'s (BB/stable) proposed dollar-denominated senior unsecured notes an expected BB(EXP) rating.

The notes are rated at the same level as Hongqiao's senior unsecured debt rating as they represent direct, unconditional, unsecured and unsubordinated obligations of the company. The final rating on the proposed notes is contingent upon the receipt of documents conforming to information already received.

Proceeds will mainly be used for working capital, refinancing a portion of the existing debt and general corporate purposes.

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