S&P lifts Tianjin Binhai notes

S&P said it raised the long-term issue rating on the outstanding senior unsecured notes guaranteed by Tianjin Binhai New Area Construction & Investment Group Co. Ltd. (BHCI) to A- from BBB+.

The agency also said it raised the Greater China regional scale rating on the $300 million notes due in 2018 and $500 million notes due in 2020 to cnAA from cnA+.

The upgrades follow the conversion of the bond structure to a direct guarantee by BHCI from the previous keepwell structure, S&P said.

Before the conversion, Binhai Jiantou (Hong Kong) Development Ltd., BHCI's 100% owned subsidiary and sole overseas financing platform, guaranteed the outstanding $800 million notes issued in total by Zhaohai Investment (BVI) Ltd., S&P said.

BHCI supported the transaction under a keepwell and liquidity support deed and a deed of equity interest purchase undertaking, the agency noted.

Moody’s reviews Cablevision, Telecom Argentina for upgrade

Moody’s Investors Service put Cablevision SA’s B3 Corporate Family Rating and senior note rating on review for upgrade and also Telecom Argentina’s B3 Corporate Family Rating on review for upgrade.

Moody’s said the action follows the announcement of a potential merger between the two companies through a non-cash share exchange transaction.

The transaction would create the largest and only integrated telecom operator in Argentina offering a wide array of services, while maintaining good liquidity and strong credit metrics, the rating agency said.

Moody’s puts Bahamas on review

Moody’s Investors Service said it but the Baa3 bond and issuer ratings of the Bahamas on review for downgrade.

The action is prompted by official statements that the Bahamas’ fiscal position was weaker than previously estimated and that the government’s debt ratios will continue to worsen over the coming years.

Moody’s had expected that the government’s debt ratios would stabilize in fiscal 2017, thus supporting the Bahamas’ Baa3 rating and stable outlook.

Moody’s assigns B1 to Lionbridge

Moody’s Investors Service assigned a B1 corporate family rating and a B2 issuer rating to Lionbridge Capital Co., Ltd. The outlook is stable.

Moody’s said the rating reflects the company’s rapid asset growth and short track record; heavy reliance on wholesale secured funding; and relatively small amount of liquid assets.

Partly offsetting these credit challenges are the company’s franchise in the niche truck leasing market, the good quality of the underlying leasing assets, solid retail client base and prudent asset/liability duration management, the agency said.

Moody’s rates Geo Energy B2

Moody’s Investors Service has assigned a B2 Corporate Family Rating to Geo Energy Resources Ltd. and a B2 rating to the proposed senior guaranteed notes to be issued by subsidiary Geo Coal International Pte. Ltd. The outlook is stable.

Moody’s said the rating is supported by Geo Energy’s position as a low cost coal producer in Indonesia, its strong financial and leverage profile, and its ongoing partnerships with significant operators within the Indonesian coal sector.

The rating also reflects the company’s relatively short track-record of operating as a pure-play coal producer, the small scale of its business, a high degree of operational concentration and the need to continue making acquisitions in order to grow the business.

S&P rates Geo Energy B

S&P said it assigned a B long-term corporate credit rating to Geo Energy Resources Ltd.

The agency also said it assigned an axBB- long-term Asean regional scale rating to the company.

S&P also said it assigned a B long-term issue rating to the proposed senior unsecured notes to be issued by Geo Coal International Pte. Ltd., which are unconditionally guaranteed by Geo Energy.

The outlook is stable.

The ratings reflect Geo Energy's modest production and scale, high single mine and mineral exposure and short record as a mid-sized coal producer, the agency said.

The company also faces residual execution risk in bringing a new mine to production, S&P said.

Its operating performance and credit ratios also remain sensitive to fluctuations in coal prices, the agency said.

S&P rates Jiuding notes BB

S&P said it assigned a BB long-term and B short-term issuer credit ratings to Tongchuangjiuding Investment Management Group Co. Ltd. (Jiuding).

The agency also said it assigned a cnBBB- long-term and cnA-3 short-term Greater China regional scale ratings to the China-based group.

S&P also said it assigned a BB long-term issue rating and cnBBB- long-term Greater China regional scale issue rating to the proposed senior unsecured notes that Jiuding Group Finance Co. Ltd. issued.

The outlook is stable.

The ratings reflect the group's changing business profile and substantial debt at the holding company and other non-regulated businesses following the debt-financed acquisition of FTLife Insurance Co. Ltd. in 2016, S&P said.

The ratings also consider the rapidly growing, but modest operations of the group's brokerage arm, JZ Securities Co. Ltd., in China's fragmented industry, the agency said.

Fitch rates Lionbridge notes B

Fitch Ratings said it assigned a long-term issuer default rating of B+ to Lionbridge Capital Co., Ltd.

The outlook is stable.

Fitch also said it assigned an expected rating of B with recovery rating of RR5 to the proposed senior unsecured notes to be issued by New Lion Bridge Co., Ltd.

New Lion Bridge is a special-purpose vehicle set up to issue the offshore notes on behalf of Lionbridge Capital, the agency said.

Lionbridge Capital is an investment holding company incorporated in Hong Kong in 2011, Fitch said.

Lionbridge Capital's B+ issuer default rating reflects the group's credit profile on a consolidated basis, Fitch said.

The ratings also reflect the company's short operating history, high reliance on wholesale funding, weak profitability and higher leverage than other leasing companies, the agency said.

The ratings also consider its focus on the niche truck leasing market, franchise within the sector and limited maturity gap between its receivables and debt, Fitch said.

Moody’s rates United Bank notes B1

Moody’s Investors Service assigned a B1 rating to United Bank for Africa plc’s recent $500 million sale of five-year senior notes. The outlook is stable.

The rating is in line with the bank’s local currency deposit ratings, reflecting that the debt securities will be unsecured and unsubordinated obligations of United Bank and will rank at least equally with all other unsecured and unsubordinated present and future obligations of the bank at all times.

The ratings incorporate one notch of uplift on the bank’s b2 baseline credit assessment based on Moody’s assessment of a high likelihood of government support in the event of need.

Fitch: Bank Jambi sukuk A(idn)

Fitch Ratings said it assigned a national long-term rating of A(idn) to PT Bank Pembangunan Daerah Jambi's (Bank Jambi) proposed sukuk issuance.

The bank plans to issue a total of Rp 80 billion of sukuk under medium-term notes under Syariah Mudharabah II Bank Jambi Tahun 2017.

The sukuk will mature three years from the issuance date.

The proceeds from the issue will be used to support the bank's growth in sharia financing, Fitch said.

The proposed sukuk is rated at the same level as Bank Jambi's national long-term rating as the risk of default of this senior unsecured obligation is aligned with that of Bank Jambi's, Fitch said.

The ratings reflect a view that the bank is important to the regional government of Jambi province on Sumatra island, the agency said.

Bank Jambi is owned by the government of Jambi province, S&P noted, and by the governments of various municipalities.

Fitch: Geo Energy notes B+

Fitch Ratings said it assigned a long-term issuer default rating of B+ to Geo Energy Resources Ltd.

The agency also said it assigned an expected B+ rating with recovery rating of RR4 to Geo Coal International Pte. Ltd.'s proposed senior unsecured guaranteed notes.

The outlook is stable.

Geo and its key subsidiaries will unconditionally and irrevocably guarantee the proposed senior unsecured notes, Fitch said.

The notes will rank pari passu with other senior unsecured borrowings of Geo and its subsidiaries, the agency said.

Geo's current operations also are concentrated with its two key co-located mines in Indonesia, accounting for the majority of its reserves and production, Fitch said.

But Geo is expected to make further investments to boost reserves and production, the agency said, and extend its concession period.

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