Moody’s gives Baa2 to China Citic bonds

Moody's Investors Service said it assigned a Baa2 rating to proposed dollar-denominated senior unsecured bonds to be issued by China Citic Bank Corp. Ltd. (Baa2 stable).

The outlook is stable.

The Baa2 rating and stable outlook for the bonds are in line with the bank's long-term deposit rating and outlook, and reflect the structure of the proposed issuance.

The senior unsecured bonds will constitute a direct, general, unsubordinated, unconditional, and unsecured obligation of the issuer. The bonds will be redeemable at principal on maturity.

Moody’s said the rating is in line with the bank's long-term deposit rating. Any changes in the bank's long-term deposit rating will therefore lead to similar rating on the bonds.

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