Moody’s assigns B2 to China Hongqiao Group notes

Moody’s Investors Service said it assigned a B2 senior unsecured rating to the proposed dollar-denominated notes to be issued by China Hongqiao Group Ltd.

“The proposed issuance will not impact China Hongqiao’s B1 corporate family rating or the positive outlook on the rating, because most of the proceeds will be used to refinance existing debt, while the issuance will also improve the company’s debt maturity profile,” said Roy Zhang, a Moody’s assistant vice president and analyst and also Moody’s lead analyst for China Hongqiao.

Proceeds will be used for refinancing and for general corporate purposes.

The rating outlook is positive.

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