Moody's rates State Elite notes A1

Moody's Investors Service said it assigned an A1 rating to the planned dollar-denominated five-year fixed-rate senior unsecured notes to be issued by State Elite Global Ltd. and guaranteed by China Construction Bank Corp. Hong Kong Branch.

State Elite Global is a fully-owned special purpose vehicle of CCB International (Holdings) Ltd. (unrated), which is in turn a fully-owned subsidiary of CCB. The notes will be issued under State Elite Global $2.7 billion medium-term note program.

“The assigned A1 rating and stable outlook are in line with CCB's long-term deposit rating and outlook, and reflect the structure of the issuance,” Moody’s said in a press release.

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