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Moody's gives Yuyao Shuncai bonds Baa3
Moody's Investors Service said it assigned a Baa3 backed senior unsecured rating to the planned dollar-denominated bonds to be issued by Yuyao Economic Development Zone Construction Investment and Development Co., Ltd., a wholly owned subsidiary of Yuyao Shuncai Investment Holding. Co., Ltd. rated Baa3.
“The Baa3 rating on the senior unsecured bonds reflects the unconditional and irrevocable guarantee from Yuyao Shuncai and the fact that the guarantee is ranked pari passu with Yuyao Shuncai's other senior unsecured obligations,” Moody’s in a press release.
Yuyao Shuncai plans to use the proceeds to refinance offshore bonds.
The outlook is stable.
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