Fitch rates CICC MTNs BBB+

Fitch Ratings said it assigned China International Capital Corp.’s planned issuance of medium-term notes an expected BBB+ to be sold under its MTN program. The agency has rated the program BBB+ since May 13, 2016. The issue amount and maturity structure will be finalized upon settlement.

Subsidiary CICC Hong Kong Finance 2016 MTN Ltd. will sell the notes.

“China International Capital Corporation Ltd. (CICC, BBB+/stable) has provided a keepwell deed in place of a guarantee, which shall cause CICC International and CICC Hong Kong 2016 MTN to have sufficient liquidity to meet their obligations for the proposed notes,” Fitch said in a press release.

The proceeds will be used to refinance debt and for working capital and general corporate purposes.

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