Moody’s: Beijing Infrastructure notes A2

Moody's Investors Service said it assigned a provisional A2 senior unsecured rating to Beijing Infrastructure Investment Co., Ltd.'s (BII, A1 stable) proposed medium-term note program to be issued by Eastern Creation II Investment Holdings Ltd., and guaranteed by Beijing Infrastructure Investment (Hong Kong) Ltd.

Both entities are wholly owned by Beijing Infrastructure.

The program will be unconditionally and irrevocably guaranteed by the guarantor. In addition, it will be supported by a keepwell and liquidity support deed, and deed of equity interest purchase undertaking (EIPU) between Beijing Infrastructure, the issuer, the guarantor and the bond trustee.

Moody's also assigned an A2 senior unsecured rating to the drawdown of dollar-denominated senior unsecured notes under the program.

The provisional A2 senior unsecured rating on the program and A2 senior unsecured rating on the drawdown drawdown reflect the combination of Beijing Infrastructure’s A1 issuer rating and the structural features of the program.

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