Fitch rates CQNA notes BBB+

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

The notes will be issued by CQNA directly and the proceeds will be used for repayment of the group's domestic and offshore debt, Fitch said.

The proposed notes are rated at the same level as CQNA's long-term foreign-currency issuer default rating because they will constitute its direct, unconditional, unsubordinated and unsecured obligations and will rank pari passu with its other present and future unsecured and unsubordinated obligations, the agency said.

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