Moody’s gives B3 to Yihua notes

Moody's Investors Service said it assigned a provisional B3 rating to the senior unsecured notes to be issued by Yihua Overseas Investment Ltd. and guaranteed by Yihua Enterprise (Group) Co., Ltd. (B2 stable).

The outlook is stable.

Net proceeds will be used to refinance existing debt and for working capital and general corporate purposes.

"We expect that the issuance of the notes will not change Yihua's debt deleverage over the next 12-18 months," Moody's vice president and senior analyst Stephanie Lau said in a news release.

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