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Moody's rates Industrial Bank bonds Baa2
Moody's Investors Service said it assigned Baa2 ratings to the proposed dollar- and euro-denominated senior unsecured bonds to be issued by Industrial Bank Co., Ltd., Hong Kong branch.
The bonds will be issued under the bank's $5 billion medium-term note program.
The outlook is stable.
The ratings are in line with Industrial Bank's long-term deposit rating and outlook, reflecting the structure of the proposed issuances, Moody's said.
The senior unsecured bonds will constitute direct, general, unsubordinated, unconditional and unsecured obligation of the issuers, the agency said.
The bonds will be redeemable at principal on maturity, Moody's said.
China does not have an operational bank resolution regime, so Moody's said it applies a basic "Loss Given Failure" approach when rating Chinese banks' securities.
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