Moody’s rates Dexin China notes B3

Moody’s Investors Service said it assigned a B3 rating to the proposed senior dollar notes to be issued by Dexin China Holdings Co. Ltd. (B2 stable).

Dexin plans to use the proceeds from the proposed notes to refinance existing debt and for working capital purposes.

“The proposed bond issuance will improve Dexin's liquidity profile and will not materially affect its credit metrics, because the company will use the proceeds mainly to refinance existing debt,” Josephine Ho, Moody's vice president and senior analyst, said in a news release.

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