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September 30, 2019

CCXAP assigns Guangxi Liuzhou Dongcheng Investment and Development Group Co., Ltd.’s US dollar-denominated senior unsecured notes final BBBg+ rating

Hong Kong, 30 September 2019 -- China Chengxin (Asia Pacific) Credit Ratings (“CCXAP”) has assigned Guangxi Liuzhou Dongcheng Investment Development Group Co., Ltd.'s (“GLD” or the “Company”) (BBBg+/Stable) USD 300 million 7% offshore senior unsecured notes due 2022 a final rating of BBBg+.

 

The notes are directly issued by GLD, and rated at the same level as GLD's long-term credit rating as they represent its direct, unconditional, and unsubordinated and unsecured obligations. The net proceeds will be used for domestic business development, domestic debt refinancing and for general corporate purposes. The final rating is in line with the expected rating affirmed on 24 September 2019.

 

CCXAP’s public ratings are available at www.ccxap.com (Rating Results) and may be distributed through media and other means. The methodology used in this rating is Rating Methodology for China’s Local Government Financing Vehicles dated June 2017, available at www.ccxap.com (Rating Methodology).

 

Click here to download the press release.