Moody's gives Ningbo bonds Baa3

Moody's Investors Service said it assigned a Baa3 senior unsecured rating to the planned dollar-denominated bonds to be issued by Ningbo Yincheng Group Co., Ltd.

“"Ningbo Yincheng's Baa3 rating reflects its dominant role in undertaking public policy projects in Yinzhou district and our expectation of the district government's propensity to support the company. Yinzhou district's GDP is the largest among districts in Ningbo City––one of the five centrally planned cities in China that have close fiscal linkages to the central government," said Ying Wang, a Moody's vice president and senior analyst, in a press release.

Ningbo Yincheng will use the proceeds for onshore indebtedness refinancing and liquidity replenishment.

The outlook is stable.

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