Moody’s ups Yanzhou Coal, bonds

Moody's Investors Service said it upgraded the corporate family rating of Yanzhou Coal Mining Co. Ltd. to B1 from B2.

The agency also upgraded the senior unsecured debt rating on the bonds issued by Yancoal International Resources Development Co., Ltd. and guaranteed by Yanzhou Coal to B1 from B2.

The outlook is stable.

Moody’s said the actions follow the completion by Yancoal Australia, a 65.46% subsidiary of Yanzhou Coal, of its acquisition of Coal & Allied Industries Ltd., funded by equity.

“The upgrade of Yanzhou Coal's corporate family rating to B1 reflects our expectation that the company's refinancing risk will be manageable in the next 12-18 months,” Gerwin Ho, Moody's vice president, senior analyst, and international lead analyst for Yanzhou Coal, said in a news release.

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