Moody’s rates China State Construction notes Baa2

Moody's Investors Service said it assigned a Baa2 senior unsecured rating to the proposed senior perpetual securities to be issued by China State Construction Finance (Cayman) I Ltd. and unconditionally and irrevocably guaranteed by China State Construction International Holdings Ltd. (CSCI).

At same time, Moody's affirmed China State Construction International's Baa2 issuer rating and the Baa2 senior unsecured rating on the debt issued by China State Construction Finance (Cayman) II Ltd.

The outlook is stable.

The proceeds from the guaranteed senior perpetual securities will be used to refinance existing debt and for general corporate purposes.

“The proposed perpetual securities will help improve CSCI's liquidity and debt maturity profile but not materially change its credit metrics,” Chenyi Lu, Moody's vice president and senior credit officer, said in a news release.

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