Moody’s gives Asia Pacific Ports bonds A1

Moody's Investors Service said it assigned a provisional A1 rating to the credit-enhanced bonds to be issued by Asia Pacific Ports Development Co. Ltd.

The bonds will be supported by the irrevocable standby letter of credit from the Agricultural Bank of China Ltd. Dalian Branch. Agricultural Bank of China Ltd. (ABC) has a long-term domestic currency deposit rating of A1 with a stable outlook.

Moody’s said the provisional A1 rating of the bonds is based on ABC's long-term domestic currency deposit rating, because the bonds are fully supported by the irrevocable ruble-denominated standby letter of credit provided by ABC Dalian Branch.

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