Moody’s gives Road King debt B1

Moody's Investors Service said it assigned a B1 senior debt rating to the proposed dollar-denominated senior perpetual capital securities to be issued by RKP Overseas Finance 2016 (A) Ltd. and guaranteed by Road King Infrastructure Ltd. (B1 stable) and some of its subsidiaries

The outlook is stable.

Road King plans to use the proceeds primarily for general corporate purposes.

"Although the proposed USD senior perpetual securities will increase Road King's debt level in 2017, we expect its credit metrics will remain supportive of its B1 ratings in the next 12-18 months," Anthony Lee, Moody's analyst and the lead analyst for Road King, said in a news release.

Moody’s said the B1 rating for the perpetual securities reflects the following factors: (a) The perpetual securities will be irrevocably and unconditionally guaranteed by Road King, which implies that the rating on the perpetual securities is closely linked to Road King's rating; and (b) the securities will at all times rank pari passu with all other present and future unsecured and unsubordinated obligations of Road King.

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