Moody's rates Citic Pacific notes Ba1

Moody's Investors Service said it assigned a Ba1 rating to Citic Pacific's proposed dollar-denominated notes to be drawn under its $4.5 billion euro medium-term notes program.

The outlook is negative.

"The notes issuance has no immediate rating impact, as the funds are expected to be used to refinance loans maturing in 2013," Moody's vice president Alan Gao said in a news release.

"Citic Pacific's Ba1 rating factors in the expected strong support from its parent, Citic Group (Baa2 stable) with a three-notch rating uplift from its standalone credit fundamentals," Moody's vice president and local market analyst for Citic Pacific Kai Hu said in the release.

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