Moody’s Yankuang notes Ba1

Moody’s Investors Service said it assigned a Ba1 rating to the proposed dollar-denominated senior unsecured notes to be issued by Yankuang Group (Cayman) Ltd. and guaranteed by Yankuang Group Co. Ltd., which Moody’s rates Ba1.

“The Ba1 bond rating reflects the guarantee from Yankuang and the fact that the notes will rank pari passu with all other senior unsecured obligations of Yankuang,” said Gerwin Ho, a Moody’s vice president and senior credit officer, in a press release.

“In addition, the bond issuance will not materially increase Yankuang’s debt leverage, because the company will use the net proceeds to refinance existing debt,” added Ho.

Yankuang will use the proceeds to refinance offshore debt.

The outlook is stable.

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