Moody’s assigns Zhongsheng notes Baa3

Moody’s Investors Service said it assigned a Baa3 senior unsecured rating to Zhongsheng Group Holdings Ltd.’s proposed dollar-denominated notes.

Zhongsheng will use the proceeds for refinancing and general working capital purposes.

“The proposed issuance will not impact Zhongsheng’s Baa3 issuer rating or the stable outlook, because most of the proceeds will be used to refinance existing debt, while the issuance will also improve the company’s debt maturity profile,” said Roy Zhang, a Moody’s vice president and lead analyst for Zhongsheng, in a press release

The outlook is stable.

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