Fitch rates Jiangsu NewHeadLine BB+

Fitch Ratings said it assigned BB+ long-term foreign- and local-currency issuer default ratings to Jiangsu NewHeadLine Development Group Co., Ltd.

The outlook is stable.

The ratings are credit linked to Lianyungang municipality, which is located in China's northeastern Jiangsu Province, the agency said.

The ratings consider the strong municipal oversight of the company’s financials, Fitch said, and strategic importance of its operation to the municipality.

These factors result in a high likelihood the municipality will provide extraordinary support to the company, if needed, the agency said.

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