Moody’s rates Shanghai Construction notes Baa2

Moody’s Investors Service said it assigned a Baa2 rating to the senior unsecured notes to be issued by Yongda Investment Ltd. and guaranteed by Shanghai Construction Group Co., Ltd.

The Baa2 rating of the proposed notes reflects Shanghai Construction’s guarantee and that the notes rank pari passu with Shanghai Construction’s other senior unsecured obligations, Moody’s said.

“The proposed issuance will have limited impact on SCG’s credit metrics, because the company will primarily use the proceeds to refinance offshore debt,” said Chenyi Lu, a Moody’s vice president and senior credit officer, in a press release.

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