Moody’s rates China Eximbank bonds Aa3

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

The outlook is negative.

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

The bonds will constitute the bank's direct, unconditional, unsecured and unsubordinated obligations, the agency said, and will rank pari passu without any preference and at least equally with all other unsecured and unsubordinated public external indebtedness of the bank.

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

China Eximbank is a policy bank wholly owned by the Chinese government. The bank is under the direct leadership of the state council, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.