Fitch rates Shangcheng Urban notes BBB

Fitch Ratings said it assigned Hangzhou Shangcheng District Urban Construction Investment Group Co. Ltd.'s (HSCI) planned U.S. dollar senior unsecured bonds a BBB rating. The notes will be issued by Zhejiang Boxin (BVI) Ltd., a wholly owned special-purpose vehicle of HSCI.

The agency assigned HSCI BBB ratings on July 8, 2022.

HSCI will provide the bonds with a keepwell and liquidity support deed and deed of equity interest purchase undertaking. The keepwell deed requires HSCI to maintain Zhejiang Boxin's solvency.

The proceeds will be used for refinancing debt, project construction and general corporate purposes.

The outlook is stable.

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