Moody’s rates Hong Kong Huafa bonds A1

Moody's Investors Service said it assigned a provisional A1 rating to the credit enhanced bonds to be issued by Hong Kong Huafa Investment Holdings Co. Ltd.

The bonds will be supported by an irrevocable and standby letter of credit from the Agricultural Bank of China Ltd., Guangdong Branch. Agricultural Bank of China is rated A1/P-1/D+, stable.

Moody’s said the provisional A1 rating of the bonds is the same as Agricultural Bank of China’s long-term deposit rating of A1, because the bonds are fully supported by an irrevocable standby letter of credit provided by the bank, Guangdong Branch.

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