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Moody’s gives China Jinmao securities Baa3
Moody's Investors Service said it assigned a Baa3 senior unsecured rating to the proposed dollar-denominated senior perpetual capital securities to be issued by Franshion Brilliant Ltd. and guaranteed by China Jinmao Holdings Group Ltd. (Baa3 stable).
China Jinmao plans to use the proceeds to fund the repurchase of $300 million 5 3/8% guaranteed senior notes due 2018 and for general corporate purposes.
"The issuance will have no impact on China Jinmao's ratings because the new debt brought about by the proposed perpetual securities is within the amount forecast by Moody's for 2017," Kaven Tsang, Moody's vice president, senior credit officer and international lead analyst for China Jinmao, said in a news release.
"The proposed perpetual securities will further enhance China Jinmao's already adequate liquidity position," Cindy Yang, Moody's assistant vice president, analyst and local market analyst for China Jinmao, added in the release.
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