Moody’s rates Double Charm bonds Baa1

Moody’s Investors Service said it assigned a definitive Baa1 rating to the $450 million 2 7/8% credit enhanced bonds due in 2018 issued by Double Charm Ltd., and put the rating on review for upgrade.

The bonds are supported by an irrevocable and standby letter of credit from China Merchants Bank Co., Ltd., Shanghai Branch.

The long-term rating assigned to the bank is Baa1, which also is on review for upgrade.

Double Charm is a limited liability company and an indirectly wholly-owned subsidiary of Everbright Securities Co., Ltd.

The ratings are based primarily on the senior payment obligations of the bank under an irrevocable agreement to fully support the payment of the bonds, Moody’s said.

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