Moody's: Tianneng notes Ba3

Moody's Investors Service said it assigned a first-time Ba3 corporate family rating to Tianneng Power International Ltd. and a Ba3 senior debt rating to its proposed dollar-denominated notes. The outlook is stable.

The agency said the Ba3 rating reflects Tianneng's established track record in the industry, strong industry position, good brand name and extensive distribution network. The company makes lead acid batteries for electric bicycles in China. Moody's said the sizeable extent of the electric bicycle market in China is also a driver of the company's ratings.

The Ba3 rating also considers the challenges for Tianneng's operations and costs from stricter environmental measures and the cyclical lead price, Moody's said.

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