Moody's rates Hangzhou Water bond Baa1

Moody's Investors Service said it gave a Baa1 senior unsecured rating to Hangzhou Water Group Co., Ltd.'s planned dollar-denominated bond.

"Hangzhou Water's Baa1 senior unsecured bond rating is in line with its issuer rating, reflecting the proposed bond will rank pari passu with all of the company's other senior unsecured obligations," said Ada Li, a Moody's vice president and senior credit officer, in a press release.

"Also, the proposed issuance will not materially affect Hangzhou Water's credit profile, given the issuance's manageable size relative to the company's overall scale," added Li.

Hangzhou Water plans to use the proceeds for financing and/or refinancing, in whole or in part eligible projects under its green finance framework, and for related working capital purposes.

The outlook is stable.

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