Fitch Ratings: Grants Hangzhou Fuyang Jiaotong Fa Investment Group's proposed issuance of Renminbi Bonds a "BBB-" rating.

On June 20, Fitch Ratings awarded Hangzhou Fuyang Transportation Development Investment Group Co., Ltd. (referred to as "Hangzhou Fuyang Transportation Development Investment Group") a rating of BBB-/Stable for its planned issuance of RMB senior unsecured offshore bonds rated at "BBB-". The bonds will be issued by Zhejiang DES (BVI) Co., Ltd (referred to as "ZDES"), a special purpose company wholly owned by Hangzhou Fuyang Transportation Development Investment Group, which will provide maintenance agreements and equity purchase commitment contracts for the bonds.