Moody’s gives B1 to Honghua CFR, bonds

Moody's Investors Service said it assigned a B1 corporate family rating to Honghua Group Ltd.

The agency also assigned a provisional B1 senior unsecured rating to Honghua's proposed bond issue.

The outlook is stable.

The company plans to use the proceeds to repay bank borrowings and for general corporate purposes.

"Honghua's B1 corporate family rating reflects its strong market position in its core products, namely land drilling rigs and components, and the stable demand we expect from its key end-market over the next 2-3 years, given that oil price are likely to stay stable," Moody's vice president and senior analyst Kaven Tsang said in a news release.

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