Moody’s reviews Yingde Gases, rates notes

Moody's Investors Service said it placed the B3 corporate family rating of Yingde Gases Group Co. Ltd. and the Caa1 senior unsecured rating on the bonds issued by Yingde Gases Investment Ltd. on review for upgrade.

The review follows the announcement of Yingde Gases' refinancing plans.

At the same time, the agency assigned a Caa1 rating to the proposed senior unsecured notes to be issued by Yingde Gases Investment Ltd. and guaranteed by Yingde Gases. It also placed the proposed notes on review for upgrade.

On Jan. 4, Yingde Gases announced that it launched a senior unsecured note offering. Proceeds will be used to refinance existing offshore debt and for other general corporate purposes.

"Yingde Gases' announcement of the notes offering is a significant step in the refinancing of its upcoming notes and signals that it has access to funding to address the refinancing risk as reflected in its B3 rating," Moody's vice president and senior analyst Gerwin Ho said in a news release.

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