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Fitch affirms Chinese developer Taizhou Urban's ratings

Fitch Ratings affirmed the long-term foreign- and local-currency issuer default ratings of Taizhou Urban Construction and Investment Development Group Co. Ltd. at BBB-, with the outlook stable.

The rating agency also affirmed the Taizhou, China-based company's U.S. dollar senior unsecured bonds at BBB-.

Fitch said the rating action takes into account the local government's ownership and control over the company, and its importance to the city of Taizhou as a major urban developer.

Fitch added that the company continues to receive capital injections and subsidies from the government, including 10.4 billion yuan in land use rights, 1.16 billion yuan in government bond proceeds and hundreds of millions of yuans in operating subsidies per year, which alleviate its debt burden and refinancing risk.

As of Oct. 21, US$1 was equivalent to 7.08 Chinese yuan.