Fitch rates Chongqing Nan’an Urban notes BBB+

Fitch Ratings said it assigned an expected rating of BBB+ to Chongqing Nan'an Urban Construction & Development (Group) Co., Ltd.'s proposed senior unsecured dollar-denominated notes.

The proposed notes will constitute direct, unconditional, unsubordinated and senior unsecured obligations.

The proceeds will be used for general corporate purposes, Fitch said.

The ratings are credit-linked to, but not equalized with, the assessment of Chongqing municipality's credit profile, Fitch said.

Chongqing is one of four municipalities under the direct responsibility of China's central government, the agency explained. The link reflects strong government oversight and supervision of the company and moderate integration with the government budget, the agency said.

The company's strengths also include its strong fiscal performance and diversified socio-economic profile, which are mitigated by its moderately high contingent liabilities arising from its state-owned entities, Fitch said.

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