Moody's rates China State Shipbuilding bonds A1

Moody's Investors Service said it assigned a definitive A1 rating to the €500 million of 1.7% credit-enhanced bonds due 2018 issued by CSSC Capital 2015 Ltd., an indirect wholly-owned subsidiary of China State Shipbuilding Corp.

The bonds are supported by an irrevocable and standby letter of credit from Bank of China Ltd., London Branch.

The agency said the rating of the bonds is based on Bank of China's A1 long-term foreign-currency senior debt rating and addresses the expected loss posed to investors by the legal final maturity.

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