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Moody’s rates Shuifa bonds Baa3
Moody’s Investors Service has assigned a Baa3 senior unsecured rating to the proposed dollar backed senior unsecured bonds to be issued by Shuifa International Holdings (BVI) Co., Ltd., a wholly owned subsidiary of Shuifa Group Co., Ltd., which is rated Baa3. Shuifa Group will guarantee the bonds.
Proceeds will be used for project construction and refinancing of Shuifa’s existing debt in China.
“The proposed issuance will not materially affect its credit metrics, as the scale of the issuance is manageable for Shuifa, and part of the proceeds will be used to refinance existing debt,” said Ada Li, a Moody’s vice president and senior credit officer, in a news release.
The outlook is stable.
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