| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers M > Headlines for Metallurgical Corp. of China Ltd. > News item |
Moody's rates MCC bonds A1
Moody's Investors Service said it assigned a definitive A1 rating to the $500 million 2½% credit-enhanced bonds due 2017 issued by MCC Holding (Hong Kong) Corp. Ltd. The issuer is a subsidiary of Metallurgical Corp. of China Ltd., which in turn is a subsidiary of China Metallurgical Group Corp. (Baa3/stable). The outlook is stable.
The bonds are supported by an irrevocable and standby letter of credit from the Agricultural Bank of China Ltd. (A1/P-1/D+/stable).
The agency said the A1 rating of the bonds is at the same level as Agricultural Bank of China's long-term foreign-currency deposit rating because the bonds are fully supported by an irrevocable dollar-denominated standby letter of credit provided by the bank.
© 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.