Moody's upgrades Yingde Gases

Moody's Investors Service said it upgraded the corporate family rating of Yingde Gases Group Co. Ltd. to B1 from B3 following the successful issuance of $500 million of senior notes due 2023.

The agency upgraded the senior unsecured rating on the bonds issued by Yingde Gases Investment Ltd., and guaranteed by Yingde Gases, to B2 from Caa1.

The outlook is stable.

The upgrade reflects the significantly reduced refinancing risk and improvement in the company's debt-maturity profile, Moody's said.

The proceeds of the recently issued senior notes will be used to refinance the company's existing offshore debt, including $391 million of notes due in April 2018, PAG loan and for other general corporate purposes.

The upgrade also considers the company's continued revenue growth, stable profitability and de-leveraging, the agency added.

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