Moody’s gives China Grand Auto notes B1

Moody’s Investors Service said it assigned a B1 senior unsecured rating to the proposed dollar notes to be issued by China Grand Automotive Services Ltd., a directly wholly owned subsidiary of China Grand Automotive Services Group Co., Ltd. (B1 stable), based on the unconditional and irrevocable guarantee provided by China Grand Auto.

The outlook is stable.

Proceeds will be used by China Grand Auto to refinance its existing debt and for general corporate purposes.

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