Moody's assigns AAC notes Baa2

Moody's Investors Service said it assigned a Baa2 senior unsecured rating to the proposed bonds to be issued by AAC Technologies Holdings Inc.

"The proposed bond issuance will not impact AAC Technologies' Baa2 rating or stable outlook, because we expect the company will use a significant part of the proceeds to refinance existing debt," said Gerwin Ho, a Moody's vice president and senior credit officer, in a press release.

AAC does plan to use the proceeds to refinance debt and for general corporate purposes.

"The issuance will further improve AAC Technologies' debt maturity profile and enhance its financial flexibility," added Ho.

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