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Moody's assigns Baa3 to Yiwu State bonds
Moody's Investors Service said it assigned a Baa3 senior unsecured rating to the planned dollar-denominated bonds to be sold by Chouzhou International Investment Ltd., a wholly owned subsidiary of Yiwu State-Owned Capital Operation Co., Ltd. The agency rates YSCO rates Baa3.
The Baa3 rating reflects the YSCO’s guarantee and is ranked pari passu with YSCO's other senior unsecured obligations, Moody’s said.
YSCO plans to use the proceeds refinancing offshore debt.
The outlook is stable.
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