Moody’s gives Guanghui notes B3

Moody's Investors Service said it assigned a provisional B3 rating to the proposed senior notes to be issued by Xinjiang Guanghui Industry Investment (Group) Co., Ltd. (B2 stable)

Proceeds will be used for overseas investment projects and other general working capital purposes.

The provisional status of the note rating will be removed once Guanghui completes the note issuance upon satisfactory terms and conditions, including proper registrations with the National Development and Reform Commission and the State Administration of Foreign Exchange in China (Aa3 negative).

"The proposed notes will provide funding to support Guanghui Group's investment overseas in the energy sector. Although there is execution risk related to its investment, the company has experience in the oil and gas sector and the amount is not large relative to the group's total assets," Moody's vice president and senior analyst Gerwin Ho said in a news release.

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