Moody's: No change for China Merchants

Moody's Investors Service said the plan of China Merchants Holdings (International) Co. Ltd. to inject assets into its new joint venture in Qingdao does not have any immediate impact on its Baa2 issuer rating or on its negative outlook. The Baa2 bond ratings and negative outlook of CMHI Finance (BVI) Co. Ltd. also are unaffected.

Moody's said it sees the set-up of this joint venture as a positive long-term development for the company's business franchise.

Both China Merchants and the joint venture will benefit from a cooperative operating environment, even though the operation in Qingdao only makes a small contribution to the company at present, the agency said.

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