Moody’s assigns B3 to Dexin notes

Moody’s Investors Service said it assigned a B3 rating to the proposed senior unsecured dollar-denominated notes to be issued by Dexin China Holdings Co. Ltd.

Dexin plans to use the proceeds to refinance debt and for working capital purposes.

“The proposed bond issuance will improve Dexin’s liquidity profile and will not materially affect its credit metrics, because the company will use the proceeds mainly to refinance existing debt,” said Josephine Ho, a Moody’s vice president and senior analyst, and also lead analyst for Dexin, in a press release.

Moody’s expects Dexin’s debt leverage, as measured by revenue/adjusted debt, will decline to 48%-50% over the next 12-18 months from 54% in 2018, and adjusted EBIT/interest coverage to 2.2x from 2.9x over the same period.

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