Moody’s assigns Yanzhou Coal notes Ba1

Moody’s Investors Service said it assigned a Ba1 rating to the proposed dollar-denominated senior unsecured notes to be issued by Yancoal International Resources Development Co., Ltd., and guaranteed by Yanzhou Coal Mining Co. Ltd.

The Ba1 rating on the proposed notes reflects the guarantee from Yanzhou Coal and that the notes will rank pari passu with Yanzhou Coal’s other senior unsecured obligations, the agency said.

The issuance will improve Yanzhou Coal’s liquidity and have a limited effect on its credit metrics as the company will primarily use the proceeds to refinance debt, Moody’s said.

The outlook is stable.

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