Moody’s rates China Minmetals debt Baa1

Moody's Investors Service said it assigned a Baa1 senior unsecured debt rating to the proposed dollar-denominated senior perpetual capital securities to be issued by China Minmetals Corp. (Baa1 stable).

The outlook is stable.

Proceeds will be used for working capital and general corporate purposes, including the refinancing of existing debt.

The agency said the Baa1 rating reflects the fact that the proposed senior perpetual capital securities rank pari passu with all other unsubordinated and unsecured obligations of China Minmetals.

"The perpetual securities will not materially increase China Minmetals' overall debt level, instead, they will improve its liquidity and debt maturity profile," Chenyi Lu, Moody's vice president and senior credit officer, said in a news release.

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