Moody’s gives Yiwu State-Owned Capital notes Baa3

Moody's Investors Service said it assigned a Baa3 senior unsecured rating to the proposed dollar-denominated notes to be issued by Chouzhou International Investment Ltd. and guaranteed by Yiwu State-owned Capital Operation Co., Ltd. (YSCO, Baa3 stable).

The outlook is stable.

Proceeds will be used to invest in key infrastructure construction projects and for general corporate purposes.

"The bond issuance is part of YSCO's debt-funded investment plan and will not materially change our expectation of a rise in leverage over the next 12-18 months," Franco Leung, Moody's vice president, senior credit officer and international lead analyst for YSCO, said in a news release.

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