Fitch rates LSID notes BB+

Fitch Ratings said it assigned an expected rating of BB+ to Liangshan State-Owned Investment & Development Co., Ltd.'s (LSID) proposed senior unsecured dollar notes.

The notes will be issued by Liang Shan International Development Ltd., an offshore directly wholly owned subsidiary of LSID, the agency said.

The proposed offshore notes are rated at the same level as LSID's issuer default rating because LSID will provide an unconditional and irrevocable guarantee for the proposed notes, which will constitute its direct, unsubordinated, unconditional and unsecured obligations and will at all times rank pari passu with all its other present and future obligations, Fitch said.

The proceeds will be used to refinance debt and for general corporate purposes, the agency said.

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