Moody’s gives SDIC notes A2

Moody's Investors Service said it gave an A2 senior unsecured rating to the notes to be drawn down under the $3 billion guaranteed medium-term note program issued by Rongshi International Finance Ltd. and guaranteed by State Development & Investment Corp., Ltd., rated A2.

"The A2 rating of the proposed notes reflects the unconditional and irrevocable guarantee from SDIC and the fact that the notes will rank pari passu with SDIC's senior unsecured obligations," said Chenyi Lu, a Moody's vice president and senior credit officer, in a press release.

"The proposed guaranteed notes will not materially increase SDIC's overall debt level; instead, they will improve its liquidity and debt maturity profile," added Chenyi, also Moody's international lead analyst for SDIC.

The proceeds will be used for overseas project construction and general corporate purposes.

The outlook is stable.

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