Moody's assigns A1 to Zhejiang Port

Moody's Investors Service said it assigned a first-time A1 issuer rating to Zhejiang Provincial Seaport Investment & Operation Group Co., Ltd.

Moody's also assigned a Baseline Credit Assessment of baa1 to Zhejiang Port.

The outlook is stable.

“Zhejiang Port's baa1 BCA reflects its strong market position in the Yangtze River Delta port sector as well as the company's diversified cargo mix,” said Ralph Ng, a Moody's vice president and senior analyst, in a news release.

“At the same time, the company's credit strengths are counterbalanced by its non-port operations, natural competition with other Chinese ports, mainly Shanghai, its overseas expansion plans and the presence of external guarantees.”

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