Fitch rates Reward notes B+

Fitch Ratings said it published a long-term foreign-currency issuer default rating of B+ on Reward Scientific and Technological Industry Group Co., Ltd. (Reward Group) with stable outlook.

Fitch also said it assigned a foreign-currency senior unsecured rating of B+ with recovery rating of RR4.

Fitch also said it assigned an expected rating of B+ to Reward International Investment Co. Ltd.'s (Reward International) proposed senior notes, along with a recovery rating of RR4.

Reward International is a 100% owned subsidiary of Reward Group. The securities will be unconditionally and irrevocably guaranteed by Reward Group, the agency said.

The notes are rated at the same level as Reward Group's senior unsecured debt rating as they represent unconditional, unsecured and unsubordinated obligations of the company, Fitch said.

Reward Group's leverage is healthy with FFO-adjusted net leverage of 1.3x at the end of 2015, the agency said.

The company’s debt maturity profile also is improving as the company has been refinancing its short-term debt with longer-term domestic bonds throughout 2016, Fitch added.

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