Moody’s assigns Baa3 to Lenovo notes

Moody’s Investors Service said it assigned a Baa3 senior unsecured rating to Lenovo Group Ltd.’s planned dollar-denominated notes.

The proceeds will be used to repurchase certain securities and for working capital purposes.

“The proposed note issuance will not impact Lenovo’s leverage, as most of the proceeds will be used to refinance existing debt,” said Gerwin Ho, a Moody’s vice president and senior credit officer, in a press release.

“The notes will further improve the company’s debt maturity profile and enhance its financial flexibility,” added Ho, who is also Moody’s lead analyst for Lenovo.

The outlook is stable.

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