Moody’s assigns Bluestar securities Baa3

Moody’s Investors Service said it assigned a Baa3 rating to the proposed subordinated perpetual securities to be issued by Bluestar Finance Holdings Ltd., and guaranteed by China National Bluestar (Group) Co., Ltd., which Moody’s rates Baa2.

"The Baa3 rating reflects the guarantee from Bluestar and the fact that the securities will rank pari passu with all other direct, unsecured and subordinated obligations of Bluestar," said Gerwin Ho, a Moody's vice president and senior credit officer, in a press release.

Bluestar will use the proceeds for debt refinancing, working capital and general corporate purposes.

The outlook for the rating is stable.

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