Moody's rates Zijin bonds A1

Moody's Investor Service said it assigned a provisional A1 rating to the five-year bonds to be issued by Zijin International Finance Co. Ltd.

The outlook is stable.

The proceeds will be used for overseas acquisitions and general working purposes, Moody's said.

The rating is the same as the foreign-currency senior unsecured ratings of the Bank of China as the bonds will be fully supported by an unconditional and irrevocable standby letter of credit from Bank of China through its Paris branch, the agency said.

The credit will represent a direct, unconditional, unsecured and unsubordinated obligation of the Bank of China with the notes ranking at least equally with all of its other present and future unsecured and unsubordinated obligations, Moody's said.

© 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.