Moody’s assigns Cofco HK securities Baa1

Moody’s Investors Service said it assigned a Baa1 rating to the proposed subordinated perpetual securities to be issued by Blossom Joy Ltd. and guaranteed by Cofco (Hong Kong) Ltd.

“Cofco HK’s A3 issuer rating incorporates a four-notch uplift to the company’s stand-alone credit profile, based on Moody’s assessment of a high likelihood of support from the government of China (A1 stable) through the company’s parent company, state-owned Cofco Corp. (Cofco Group), in times of need,” the agency said in a press release.

Cofco HK will use the proceeds for debt refinancing.

The outlook is stable.

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