Fitch Rates China Communications Construction's Bonds A

MT Newswires Live10-18

Fitch Ratings has placed an A- rating on China Communications Construction's (HKG:1800, SHA:601800) proposed yuan senior unsecured bonds, according to a Wednesday release.

Subsidiary CCCI Treasure will issue the proposed bonds while China Communications Constructions will serve as guarantor.

The proposed bonds' rating is the same as the guarantor's senior unsecured debt rating.

Fitch rates the construction company two notches below China's sovereign rating, with its support score being the same as other state-owned companies that hold strategic roles for the government.

Meanwhile, the company's "b+" standalone credit profile reflects its adequate liquidity and coverage profile as well as high leverage.

Changes in the sovereign rating or outlook as well as shifts in the likelihood of extraordinary government support will result in future rating actions for the company, Fitch said.

Price (HKD): $5.21, Change: $+0.18, Percent Change: +3.58%

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