Moody’s rates Baosteel notes Baa1

Moody’s Investors Service said it has assigned a first-time Baa1 rating to the proposed dollar notes to be issued by Baosteel Financing 2015 PTY Ltd., a wholly owned subsidiary of Baosteel Resources International Co. Ltd.

At the same time, Moody's said it has assigned an issuer rating of Baa1 to Baosteel Resources.

The outlook is stable.

The proceeds will be used to refinance the company’s existing indebtedness, as well as for its overseas resources development.

The company’s rating reflects the availability of strong parental support.

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