Moody’s rates Shanghai Pudong notes Baa1

Moody’s Investors Service said it assigned a Baa1 long-term rating to the three-year senior unsecured and unsubordinated notes of up to $500 million to be issued by Shanghai Pudong Development Bank Co., Ltd., Hong Kong branch.

The outlook is stable.

The notes are being issued pursuant to the bank’s $5 billion euro medium-term note program. The Baa1 rating and stable outlook are in line with the bank’s long-term deposit rating.

The senior notes were issued with a fixed-rate coupon and will be redeemed at par on maturity, Moody’s said. The notes constitute the issuer’s direct, unsubordinated, unconditional and unsecured obligations, the agency added.

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