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Moody's rates China EXIM bonds A1
Moody's Investors Service said it assigned an A1 debt rating to the RMB 2 billion in bonds issued in Hong Kong by the Export-Import Bank of China (China EXIM).
The outlook is stable.
The bonds are the bank's first yuan-denominated bond issued in Hong Kong. There are two tranches in the issue - a two-year tranche of RMB 1 billion sold to retail investors at an interest rate of 3.05% and another RMB 1 billion three-year tranche sold to institutional investors at an interest rate of 3.2%. The bonds rank equally with the bank's other unsecured and unsubordinated debts.
The ratings reflect its policy-bank status and its importance to the government in promoting China's exports and imports, Moody's said. It also reflects the very strong government support it receives as a result of performing these roles, the agency said.
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