Moody's: Baosteel bonds A3

Moody's Investors Service said it assigned an A3 senior unsecured debt rating to the proposed offshore RMB bond issuance by Baosteel Group Corp.

Moody's also affirmed Baosteel's A3 issuer rating.

The outlook is stable.

Moody's said Baosteel's A3 rating continues to reflect its base line credit assessment of nine, which is equivalent to a Baa2 level on Moody's global rating scale and a two-notch uplift after considering the expected strong support by the Chinese government under Moody's joint default analysis approach for government related issuers.

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