Moody's gives Jinan Urban bonds Baa2

Moody's Investors Service said it gave a Baa2 senior unsecured rating to the planned dollar-denominated bonds to be sold by Jinan Urban Construction International Investment Co., Ltd., a subsidiary that is 89.6% indirectly owned by Jinan City Construction Group Ltd. Co.

“The Baa2 rating on the senior unsecured bonds reflects the unconditional and irrevocable guarantee from Jinan City Construction and the fact that the guarantee is ranked pari passu with Jinan City Construction's other senior unsecured obligations,” Moody’s said in a press release.

Jinan City Construction plans to use the proceeds for refinancing purpose.

The outlook is positive.

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