Dagong Facilitates Fusheng Group's Successful Issuance of Supply Chain ABS (First Tranche)

发布时间:2019-05-24 11:50:32    点击:

Beijing, 22 May 2019–“CMS Lianyirong Fusheng Supply Chain ABS” (First Tranche), rated by Dagong Global Credit Rating Co., Ltd. (“Dagong”), was successfully issued.

Fusheng Group Co., Ltd. (“Fusheng Group”), based in Fujian province, as the core enterprise of the project, acts on a shelf offering to issue supply chain finance ABS products. The total size of the shelf offering is 5 billion yuan with multi-tranche offering. The underlying assets come from the upstream supplier's claims of credit receivable from Fusheng Group. The issuance size of the first tranche is 302 million yuan, of which the priority ABS is 286.9 million yuan. Dagong assigns the credit rating of the first tranche at AA+, which will due on January 17, 2020.

This project is another new attempt of Fusheng Group in ABS market following the “Mortgage Debt Outstanding ABS” project in January 2019. It is of great significance in integrating the upstream and downstream enterprises in the supply chain, promoting the benign development of the chain and optimizing resource allocation.

Dagong believes that Fusheng Group has strong market competitiveness and wealth creation ability. With special-grade qualification in general contracting of building engineering project and qualification of professional contracting for municipal engineering, Fusheng Group has strong technical advantages and brand competitiveness in the industry. In recent years, benefiting  from the real estate business and the expansion of the new non-ferrous metal trading business, the company's operating income has continued to grow, and the gross profit level has increased year by year.


 
                                                                    Edited by: Li Fei
                                                          Structured Finance Department
Dagong Global Credit Rating Co., Ltd