Moody's rates China Development Bank notes A1

Moody's Investors Service said it assigned an A1 rating to the proposed senior unsecured notes to be issued by China Development Bank.

The issue will consist of dollar-denominated floating-rate three-year notes, dollar-denominated floating-rate five-year notes and euro-denominated fixed-rate four-year notes.

The notes will be issued under the bank's $30 billion debt issuance program.

The outlook is stable.

The ratings are in line with the bank's senior unsecured debt rating and outlook, Moody's said, and reflect the structure of the proposed issuances.

The senior unsecured notes will constitute a direct, general, unsubordinated, unconditional and unsecured obligation of the issuer, Moody's said.

The notes will be redeemable at par on maturity.

The A1 rating is at the same level of the Chinese government bond rating, using the government-related issuers rating methodology, the agency explained.

The bank's senior unsecured debt rating is mainly driven by its very close link with the Chinese government' credit quality, Moody's explained.

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