Moody’s gives Power Construction debt Baa1

Moody's Investors Service said it assigned a Baa1 senior unsecured rating to the proposed senior perpetual securities to be issued under the medium-term note program of Leader Goal International Ltd. and guaranteed by Power Construction Corp. of China.

Proceeds will be used to refinance the company's existing debt and for general corporate purposes.

The agency said the Baa1 rating reflects the guarantee from Power Construction, as well as the fact that the securities will rank pari passu with all other senior unsecured obligations of Power Construction.

Moody’s said the perpetual securities will not materially increase the company's overall debt level, but will improve its liquidity and debt maturity profile.

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