Moody's rates Jingneng bonds A1

Moody's Investors Service said it assigned a definitive A1 rating to the $300 million 2¾% credit-enhanced bonds due 2017 issued by Jingneng Investment Group Co., Ltd.

The bonds are supported by an irrevocable standby letter of credit from the Agricultural Bank of China Ltd. A1/P-1/D, stable).

The rating of the bonds addresses the expected loss posed to investors by the legal final maturity.

Moody's said the A1 rating is the same as Agricultural Bank of China long term deposit rating because the bonds are fully supported by an irrevocable standby letter of credit provided by the bank's Beijing Branch.

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