Fitch: China Huiyuan notes B+

Fitch Ratings said it assigned a long-term foreign-currency issuer default rating of B+ to China Huiyuan Juice Group Ltd., along with a senior unsecured rating of B+ with a recovery rating of RR4.

The agency also said it assigned an expected B+ rating with recovery rating of RR4 to the proposed dollar-denominated senior unsecured notes to be issued by Huiyuan Juice.

The proposed notes are rated at the same level as Huiyuan Juice's senior unsecured rating as they constitute its direct and senior unsecured obligations, Fitch said.

The outlook is stable.

The ratings are supported by the company's strong brand name and long operating history in China's juice market and its efforts in expanding and diversifying its product range internally and through acquisitions, the agency said.

The ratings are constrained by the company's volatile top line performance, relatively small business scale and high leverage, Fitch said.

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