Moody's gives A2 to Dongfeng notes

Moody's Investors Service said it assigned an A2 senior unsecured rating to the proposed bonds to be issued by Dongfeng Motor (Hong Kong) International Co., Ltd., an indirect wholly owned subsidiary of Dongfeng Motor Group Co. Ltd. (Dongfeng, A2 stable) based on the irrevocable and unconditional guarantee by Dongfeng.

The outlook is stable.

Dongfeng will use the proceeds from the proposed issuance for refinancing and general corporate purposes.

“The proposed bond issuance will not impact Dongfeng's A2 issuer rating or stable outlook, because the majority of the proceeds will be used to refinance existing debt,” said Gerwin Ho, a Moody's vice president and senior credit officer, in a news release.

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