Moody's assigns Baa3 to Linyi City bond

Moody's Investors Service said it assigned a Baa3 senior unsecured rating to the planned bond to be issued by Yi Bright International Ltd., a wholly-owned subsidiary of Linyi City Construction Investment Group Co., Ltd. (LCIG), which Moody’s rates Baa3.

The Baa3 rating on the senior unsecured bonds reflects the guarantee from LCIG, Moody’s said.

LCIG will use the proceeds for refinancing offshore debt, project development and working capital replenishment.

The outlook is stable.

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