Moody's gives Shenzhen Expressway notes Baa2

Moody's Investors Service said it gave a Baa2 senior unsecured rating to Shenzhen Expressway Co. Ltd.'s planned dollar-denominated notes.

The rating is consistent with Shenzhen Expressway’s Baa2 issuer rating, which reflects the company's dominant position in Shenzhen's toll-road sector, supported by sound economic fundamentals in the Greater Shenzhen area, as well as its quality toll road portfolio and established operating track record, the agency said.

The company plans to use the proceeds to refinance its existing dollar-denominated notes.

"The issuance will not increase SZEC's debt leverage because the company will use the net proceeds primarily for refinancing debt, lengthening the company's debt-maturity profile," said Ivy Poon, a Moody's vice president and senior analyst, in a press release.

The outlook is stable.

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