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Moody's assigns A2 to GF Financial bonds
Moody's Investors Service said it assigned a provisional A2 rating to the credit enhanced bonds to be issued by GF Financial Holdings BVI Ltd.
The bonds will be supported by an irrevocable standby letter of credit from Nanyang Commercial Bank, Ltd. (the LC bank). The LC bank has been assigned a long-term counterparty risk assessment of A2 (cr).
The A2 rating of the bonds is based on the CR assessment of Nanyang Commercial Bank, Ltd. The bonds will be fully supported by an irrevocable U.S. dollar-denominated standby letter of credit.
Nanyang Commercial Bank is based in Hong Kong.
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