Moody’s rates Shenzhen Qianhai bonds Aa3

Moody’s Investors Service said it assigned a definitive Aa3 rating to the RMB 1 billion 4.55% credit enhanced bonds due Oct. 28, 2017 issued by Shenzhen Qianhai Financial Holdings Co., Ltd.

The bonds are supported by an irrevocable standby letter of credit from China Development Bank Corp., Shenzhen branch.

China Development Bank has a foreign-currency senior unsecured rating of Aa3 with a stable outlook.

The rating on the bonds is based on the bank’s senior unsecured rating. The bonds are fully supported by an irrevocable renminbi-denominated standby letter of credit provided by the bank’s Shenzhen branch.

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