Moody's rates China Shipping bonds A1

Moody's Investors Service said it assigned a definitive A1 rating to the $500 million of 4¼% credit enhanced bonds due 2019 issued by China Shipping Overseas Finance 2013 Ltd., a subsidiary of China Shipping (Group) Co.

The A1 rating is the same as Bank of China Ltd.'s foreign-currency long-term senior unsecured debt rating, the agency said, because the bonds are fully supported by an irrevocable dollar-denominated standby letter of credit provided by the bank's Macau branch.

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