Moody’s gives Yingde notes Ba3

Moody's Investors Service said it assigned a Ba3 senior unsecured rating to the proposed dollar-denominated notes to be issued by Yingde Gases Investment Ltd. and guaranteed by Yingde Gases Group Co. Ltd.

The outlook is stable.

Proceeds will be used for refinancing the company's onshore debt, funding its capital expenditure (capex) and working capital needs, as well as for general corporate purposes.

"Yingde Gases Group Co. Ltd.’s Ba2 corporate family rating mainly reflects its leading position in the independent on-site industrial gas market in China, good prospects for demand growth, and its stable operations stemming from the predominance of long-term take-or-pay contracts with its on-site customers," Moody's vice president and senior analyst Gerwin Ho said in a news release.

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