Moody's rates China Shipping bonds A1

Moody's Investors Service said it assigned a definitive A1 rating to $500 million 4.25% credit enhanced bonds due 2019 issued by China Shipping Overseas Finance 2013 Ltd. (unrated).

The bonds are supported by an irrevocable standby letter of credit from the Bank of China Ltd. (A1/P-1/D, stable), Macau Branch.

The A1 rating is the same as Bank of China's foreign currency long-term senior unsecured debt rating, because the bonds are fully supported by an irrevocable dollar-denominated standby letter of credit provided by Bank of China, Macau Branch.

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