Moody’s rates CMS International Gemstone notes Baa2

Moody's Investors Service said it assigned prospective Baa2/P-2 backed senior unsecured program ratings to CMS International Gemstone Ltd.’s medium-term note program, guaranteed by China Merchants Securities International Co. Ltd. The outlook is stable.

Moody's said it also assigned a Baa2 rating to CMS International Gemstone’s U.S. dollar-denominated senior notes to be issued under the program.

The issuer plans to use net proceeds of the issuance for supporting CMS International's business development, optimizing its debt structure and improving its operational liquidity.

Incorporated in the British Virgin Islands, CMS International Gemstone is a wholly owned subsidiary of CMS International.

CMS International Gemstone prospective Baa2/P-2 backed senior unsecured MTN program ratings are in line with the issuer ratings of China Merchants Securities International (CMS International, Baa2 Stable) because notes issued under the program are unconditionally and irrevocably guaranteed by CMS International, the agency said.

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