Moody’s: Fenghui notes B2

Moody’s Investors Service said it assigned a B2 corporate family rating to Fenghui Leasing Co., Ltd.

The agency also said it assigned a provisional B2 long-term senior unsecured debt rating to Silver Sparkle Ltd.’s proposed issuance of dollar-denominated long-term notes.

Silver Sparkle is wholly owned subsidiary of Fenghui Leasing, Moody’s explained.

The outlook is stable.

The ratings reflect the company’s faster-than-system average asset growth, high sector and borrower concentration and high reliance on short-term funding, the agency said.

Partly offsetting these credit challenges are the company’s main credit strengths of strong profitability and low financial leverage, Moody’s said.

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