Fitch affirms Chongqing Nan'an

Fitch Ratings said it affirmed Chongqing Nan'an Urban Construction & Development (Group) Co., Ltd.'s long-term foreign- and local-currency issuer default ratings at BBB+.

The outlook is stable.

The agency also affirmed the BBB+ senior unsecured ratings on the company’s $300 million 2 7/8% senior unsecured notes due 2019, $500 million 3 5/8% senior unsecured notes due 2021 and $200 million 4½% senior unsecured notes due 2026.

Chongqing Nan'an’s ratings are assessed under Fitch's Government-Related Entities (GRE) Rating Criteria, reflecting the government's ownership and control of the company and solid support record.

Fitch said it also factors in the socio-political and financial implications for the government if Chongqing Nan'an were to default.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.