Moody’s rates China Development notes A1

Moody’s Investors Service said it assigned an A1 rating to the proposed British pound-denominated fixed-rate senior unsecured notes to be issued by China Development Bank. The notes will be sold under the bank’s $30 billion debt issuance program. The Chinese government owns the bank.

The notes’ A1 rating and stable outlook are in line with the bank’s senior unsecured debt rating and outlook and reflect the structure of the proposed offering.

The senior unsecured notes will constitute direct, unconditional, unsubordinated and unsecured obligation of the China Development Bank and will rank pari passu among themselves. The notes will be redeemable at par on maturity.

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