Moody's may up China Overseas

Moody's Investors Service said it is continuing to review for possible upgrade the Baa3 issuer and senior unsecured debt ratings of China Overseas Land and Investment Ltd.

This action follows news that the company is entering into a conditional agreement to acquire an interest in the proposed restructured Shell Electric Mfg (Holdings) Co. Ltd.

The company's investment will be subject to the fulfillment of certain conditions, including agreement with Shell subsidiaries' minority investors, satisfactory fulfillment of due diligence and the successful completion of the restructuring process itself - the latter of which will require regulatory and independent shareholder approval, Moody's said.

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