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Moody's assigns Huangshan Tourism bonds A1
Moody's Investors Service said it assigned a provisional (P)A1 rating to the credit enhanced bonds to be issued by Huangshan Tourism Group Co., Ltd.
An irrevocable standby letter of credit from Bank of China Ltd., Anhui Branch, which has a long-term counterparty risk assessment of A1 for its head office, will back the bonds, Moody’s said.
“The (P)A1 rating of the bonds is based on the CR Assessment of the head office of the LC bank. The bonds are fully supported by an irrevocable euro-denominated SBLC which is an unsecured and unsubordinated obligation of the LC bank,” Moody’s said in a press release.
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