Moody's assigns A1 to Mengcheng bonds

Moody's Investors Service said it assigned a definitive A1 rating to Mengcheng Development Zone Xingmeng Investment Co., Ltd.’s CNY 670 million of 3.58% credit-enhanced bonds due 2026.

The bonds are supported by an irrevocable standby letter of credit (SBLC) from Industrial and Commercial Bank of China Ltd., Anhui Provincial Branch, which issued the SBLC. Industrial and Commercial Bank of China Ltd.’s long-term counterparty risk assessment is A1(cr), which is the basis for the A1 rating on the bonds, the agency said.

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