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Moody's assigns China Minmetals securities Baa1
Moody's Investors Service said it assigned a Baa1 senior unsecured debt rating to the proposed backed senior perpetual securities to be issued by Minmetals Bounteous Finance (BVI) Ltd. and guaranteed by China Minmetals Corp.
The proceeds will be used by China Minmetals for working capital and general corporate purposes, including to refinance the company's debt.
The Baa1 rating reflects the guarantee from China Minmetals and that the securities will rank pari passu with all other unsecured and unsubordinated obligations of China Minmetals. The outlook is stable.
The perpetual securities will not materially increase China Minmetals' overall debt level, because the issuance amount is small relative to the company's total adjusted debt, and also because the proceeds will be partially used to refinance the company's debt, the agency said.
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