Moody’s gives Zhaohai notes Baa2

Moody’s Investors Service said it gave a Baa2 rating to Zhaohai Investment (BVI) Ltd.’s $100 million of 5.3% credit-enhanced guaranteed bonds due 2025.

The bonds are backed by a standby letter of credit from the Bank of Shanghai Co., Ltd., Tianjin Branch. The bank’s long-term counterparty risk assessment of Baa2(cr).

Zhaohai is an indirect wholly owned subsidiary of the guarantor, Tianjin Binhai New Area Construction & Investment Group Co., Ltd. The issuer is unrated, and the guarantor is rated Baa2 with a stable outlook.

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