Moody's rates Zijin Mining's notes Baa3

Moody's said it assigned a Baa3 senior unsecured debt rating to the proposed U.S. dollar-denominated senior notes to be issued by Zijin International Capital Co. Ltd. and guaranteed by Zijin Mining Group Co. Ltd. (Zijin, Baa3 stable).

The outlook is stable.

The proceeds from the senior notes will be used for Zijin's overseas business development and repayment of offshore debt.

“Zijin's issuance of the senior notes is within the estimated new fund raised for its existing operations and acquisitions in 2018, and will help improve its liquidity and debt maturity profile,” said Kaven Tsang, a Moody's vice president and senior credit officer, and the international lead analyst for Zijin, in a news release.

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