Moody’s ups Yingde Gases, bonds

Moody's Investors Service said it upgraded Yingde Gases Group Co. Ltd.’s corporate family rating to B3 from Caa1.

The agency also upgraded the senior unsecured rating on the bonds issued by Yingde Gases Investment Ltd. and guaranteed by Yingde Gases to Caa1 from Caa2.

At the same time, Moody's placed Yingde Gases' B3 corporate family rating and the Caa1 senior unsecured rating on the bonds issued by Yingde Gases Investment and guaranteed by Yingde Gases on review for further upgrade.

"The upgrade reflects Yingde Gases' reduced risk of default following its change of ownership and management control to PAG Asia II LP (PAG, unrated), an investment partnership managed by PAG Asia Capital Limited (unrated)," Moody's vice president and senior analyst Gerwin Ho said in a news release.

"Yingde Gases' change of ownership and management control provides greater clarity and stability to the company's operations, management and strategy and improves its access to funding in both the onshore and offshore capital markets."

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