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Prospect News home > News index > List of issuers Z > Headlines for Zhejiang Kunpeng (BVI) Co. Ltd. > News item |
Moody's rates Shangcheng bonds Baa3
Moody's Investors Service said it assigned a Baa3 senior unsecured rating to the planned dollar-denominated bonds to be issued by Zhejiang Kunpeng (BVI) Co. Ltd. (Kunpeng, issuer), a wholly-owned subsidiary of Hangzhou Shangcheng State-owned Capital Operation Group Co., Ltd.
The bond will be supported by a keepwell and liquidity support deed between Kunpeng, Shangcheng Capital and the bond trustee, as well as a deed of equity interest purchase undertaking between Shangcheng Capital and the bond trustee. The bond will also be supported by a cross-border standby facility agreement between Shangcheng Capital and Kunpeng.
"The Baa3 senior unsecured rating on the bond reflects Shangcheng Capital's credit quality, as well as ability and willingness to support the bond issuer, and the features of the bond," said Cedric Lai, a Moody's vice president and senior analyst, in a press release.
Shangcheng Capital plans to use the proceeds for project development and general corporate purposes.
The outlook is stable.
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