Fitch affirms Chengdu Communications

Fitch Ratings said it affirmed Chengdu Communications Investment Group Corp. Ltd.’s (CCIC) long-term foreign- and local-currency issuer default ratings of BBB+ with a stable outlook.

The agency also affirmed CCIC's $300 million 4¾% senior unsecured notes due 2027 at BBB+. The offshore notes are issued by CCIC and constitute its unsecured and unsubordinated obligations, ranking pari passu with all its other present and future obligations.

Fitch said the ratings are assessed using its Government-Related Entities (GRE) Rating Criteria, reflecting Chengdu municipality's ownership of CCIC, and the municipality's direct control of and track record of support for CCIC.

The agency said it also factored in the strategic importance of CCIC to Chengdu municipality.

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