Moody's rates ADBC bonds Aa3

Moody's Investors Service said it assigned an Aa3 local-currency long-term rating to Agricultural Development Bank of China and an Aa3 rating to its RMB 2 billion bonds due 2016 and RMB 1 billion bonds due 2017. The outlook is stable.

The agency said the Aa3 rating for the offshore bonds is in line with the bank's issuer rating, reflects the structure of the issuance and is supported by Moody's assessment of the bank's policy role and strong relationship with the government of China (Aa3/stable).

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