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Moody’s rates Zhongyuan Yuzi, notes A3
Moody's Investors Service said it assigned an A3 issuer rating to Zhongyuan Yuzi Investment Holding Group Co., Ltd.
The outlook is stable.
At the same time, the agency assigned an A3 rating to the proposed dollar-denominated senior unsecured notes to be issued by Zhongyuan Sincere Investment Co. Ltd. and guaranteed by Zhongyuan Yuzi.
"The A3 issuer rating reflects Zhongyuan Yuzi's very unique standing as a local government funding vehicle that operates within a strict public policy role," Moody's vice president and senior credit officer John Manning said in a news release.
Such a role positions Zhongyuan Yuzi as Henan Province's mandated financing mechanism through which local governments receive funding for the Affordable Housing Program (AHP) in Henan Province, the agency explained.
"Based on Zhongyuan Yuzi's very unique structure and strict public policy mandate, there is a very high likelihood that Zhongyuan Yuzi would receive extraordinary support, if required, from the Henan provincial government and, if needed, from the central government," Manning added in the release.
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