Moody’s acts on Chinese financing vehicles

Moody's Investors Service said it upgraded the ratings of Shuifa Group Co., Ltd., Jiangxi Provincial Water Conservancy Investment Group Corp. and their rated subsidiaries under various regional and local governments in China (A1 stable).

Moody's also assigned a Baa3 issuer rating to Zhuzhou City Construction Development Group Co., Ltd., and withdrew its Ba1 corporate family rating.

The agency said the actions follow the publication of a local government financing vehicles in China methodology on July 29.

Specifically, Moody's upgraded Shuifa Group's issuer rating to Baa1 from Baa3, and the senior unsecured rating on the bonds issued by Shuifa International Holdings (BVI) Co., Ltd. and guaranteed by Shuifa to Baa1 from Baa3.

The agency also upgraded Jiangxi Provincial Water's issuer ratings to Baa2 from Baa3, and the senior unsecured rating on the bond issued by Jiangxi Provincial Water Conservancy (China) and guaranteed by Jiangxi Water to Baa2 from Baa3.

Moody's also upgraded the issuer ratings of Chengdu Tianfu New Area Investment Group Co., Ltd. and Hunan Xiangjiang New Area Development Group Co., Ltd. to Baa2 from Baa3.

The agency upgraded the senior unsecured ratings on the notes issued by Chengdu Tianfu and Hunan Xiangjiang to Baa2 from Baa3. The outlooks remain stable.

Moody's upgraded the issuer rating of Zhongyuan Yuzi Investment Holding Group Co., Ltd. to A2 from A3, and upgraded to A2 from A3 the backed senior unsecured rating on the bond issued by Zhongyuan Sincere Investment Co. Ltd., which is ultimately wholly owned by Zhongyuan Yuzi.

The agency assigned a Ba1 corporate family rating to Zhuji State-owned Assets Management Co., Ltd. and withdrew the company's Baa3 issuer rating.

Moody's downgraded the senior unsecured rating on the bond issued by Zhuji Development Ltd. and guaranteed by Zhuji to Ba1 from Baa3.

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