Fitch Ratings has assigned a final rating of 'BBB-' to
The notes will be listed on the
Key Rating Drivers
The notes are rated at the same level as
Hongtai's shareholding is likely to increase to 26.54%, from 13.84%, after the planned subscription of
For the key rating drivers and sensitivities of
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade
Any negative action on
Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade
Any positive action on
Date of Relevant Committee
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING
The principal sources of information used in the analysis are described in the Applicable Criteria.
Public Ratings with Credit Linkage to other ratings
The notes are directly linked to
ESG Considerations
The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. For more information on Fitch's ESG Relevance Scores, visit https://www.fitchratings.com/topics/esg/products#esg-relevance-scores.
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