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Moody's gives Guotai Junan bonds A1
Moody's Investors Service said it assigned a provisional A1 rating to the credit enhanced bonds to be issued by Guotai Junan Financial Holdings (BVI) Ltd.
The bonds will be supported by an irrevocable and standby letter of credit from the Bank of China Ltd., Sydney Branch (A1/P-1, stable).
The rating of the bonds addresses the expected loss posed to investors by the legal final maturity.
The provisional A1 rating of the bonds is the same as Bank of China's foreign currency long-term senior unsecured debt rating of A1, because the bonds are fully supported by an irrevocable dollar-denominated standby letter of credit provided by Bank of China.
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