Moody’s rates China Eximbank notes Aa3

Moody’s Investors Service said it assigned an Aa3 rating to the dollar-denominated and euro-denominated senior unsecured notes to be issued by the Export-Import Bank of China (China Eximbank).

The outlook is negative.

The Aa3 rating is at the same rating level as the ratings on China Eximbank’s other senior unsecured debt, Moody’s said, and reflects the structure of the proposed issuance.

The notes will constitute the bank’s direct, unconditional, unsecured and unsubordinated obligations and will rank pari passu with all other unsecured and unsubordinated public external indebtedness of the bank, Moody’s said.

The dollar notes will be issued with tenors of five and 10 years, the agency said, and the euro-denominated notes will be issued with a tenor of three years.

The long-term rating of China Eximbank is in line with the Chinese government’s sovereign rating and incorporates an assumption of an extremely high level of support from the government of China to the bank in times of need, Moody’s said.

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