Moody's rates Asia Pacific Ports bonds A1

Moody's Investors Service said it assigned a definitive A1 rating to the RMB 800 million 4.5% credit-enhanced bonds due 2018 issued by Asia Pacific Ports Development Co. Ltd., a subsidiary of Dalian Port (PDA) 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. has an A1 long-term domestic-currency deposit rating with a stable outlook.

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

© 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.