Fitch rates Chongqing Nan'an notes BBB

Fitch Ratings said it assigned Chongqing Nan'an Urban Construction & Development (Group) Co., Ltd.'s (CQNA) planned dollar-denominated senior notes a BBB rating.

“The notes are rated at the same level as CQNA's long-term foreign-currency issuer default rating (IDR) because they constitute its direct, unconditional, unsubordinated and unsecured obligations and rank pari passu with its other present and future unsecured and unsubordinated obligations,” the agency said in a press release.

CQNA's will use the proceeds to repay offshore debt due in June.

The outlook is stable.

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