Moody’s gives Chouzhou notes Baa3

Moody’s Investors Service said it rated Chouzhou International Investment Ltd.’s planned sale of dollar-denominated bonds Baa3. The issuer is a wholly owned subsidiary of Yiwu State-Owned Capital Operation Co. Ltd. (YSCO). YSCO, rated Baa3, will guarantee the bonds.

YSCO plans to use the proceeds to refinance offshore debt, under the company's sustainable finance framework.

Concurrently, Moody's affirmed YSCO’s Baa3 rating and changed the outlook to positive from stable.

"The change in outlook to positive reflects the improving trend underpinning Yiwu city government's capacity to support score (baa2). The positive outlook reflects Yiwu city's high level of economic development, strong resilience and outperformance relative to peers during the pandemic shock; and outstanding financing capabilities of its local government financing vehicles over the past three years," said Chenyi Lu, a Moody's vice president and senior credit officer, in a press release.

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