Moody’s trims Chinese GRIs

Moody's Investors Service said it downgraded the ratings of Chinese non-financial corporate and infrastructure government-related issuers owned by regional and local governments.

The issuer rating and senior unsecured bonds issued by Nanjing Yangzi State-Owned Assets Investment Group Co., Ltd. were downgraded to Baa2 from Baa1.

The issuer rating of Tianjin Binhai New Area Construction & Investment Group Co. Ltd. and backed senior unsecured bonds issued by Zhaohai Investment (BVI) Ltd. and guaranteed by Tianjin Binhai were downgraded to Baa2 from Baa1.

The issuer rating of Tianjin Free Trade Zone Investment Holding Group Co., Ltd. and backed senior unsecured bonds issued by Hongkong Baorong Development Ltd. and guaranteed by Tianjin Free Trade were downgraded to Baa3 from Baa2.

The issuer rating of Hubei Science & Technology Investment Group Co., Ltd. and backed senior unsecured bonds issued by Hubei Science & Technology Investment Group (HK) Co. Ltd. were downgraded to Baa3 from Baa2.

The senior unsecured bonds of Zhuzhou City Construction Development Group Co., Ltd. were downgraded to Ba1 from Baa3. Moody's also withdrew Zhuzhou City Construction’s Baa3 issuer rating and assigned a Ba1 corporate family rating.

The outlooks are stable.

Moody’s said the actions reflect the agency’s updated view on the likelihood of support for the entities in light of the ongoing efforts of the Chinese government (A1 stable) to limit the ways in which support can be provided to them by the regional and local government owners or other entities.

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