Moody’s rates Cinda notes Baa1

Moody's Investors Service said it assigned a Baa1 rating to the proposed senior notes to be issued by China Cinda Finance (2015) I Ltd. under its medium-term note program. The outlook is stable.

The issuer is wholly owned by China Cinda (HK) Holdings Co. Ltd., which is in turn wholly owned by China Cinda Asset Management Co., Ltd. (A3/stable).

Cinda Finance (2015) I's Baa1 note rating reflects China Cinda Asset Management's ability and very high willingness to support the former's obligations, the agency said.

The one-notch difference between China Cinda Asset Management's long-term issuer rating and Cinda Finance (2015) I's note ratings reflects uncertainty in the priority of claims for the bond investors – relative to the senior creditors of China Cinda Asset Management – in the absence of a guarantee to the bond by China Cinda Asset Management, Moody’s said.

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