Moody’s assigns Wanhua, notes Baa3

Moody's Investors Service said it assigned a Baa3 issuer rating to Wanhua Chemical Group Co. Ltd.

The agency also assigned a provisional Baa3 rating to the proposed RMB-denominated senior unsecured notes to be issued by Wanhua Chemical International Holding Co., Ltd. and guaranteed by Wanhua Chemical.

The outlook is stable.

Proceeds from the notes will be used for overseas general corporate purposes, including but not limited to working capital for overseas subsidiaries and refinancing overseas debt.

"Wanhua Chemical's Baa3 rating reflects its strong market position as the largest methylene diphenyl di-isocyanate (MDI) producer in the world. It also reflects its strong business profile, which is protected by an oligopolistic market structure with high entry barriers," Moody's vice president and senior analyst Lina Choi said in a news release.

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