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Moody’s: Baa1 to Beijing Enterprises notes
Moody's Investors Service said it assigned a Baa1 rating to the proposed senior unsecured notes to be issued by Talent Yield European Ltd.
The notes will be unconditionally and irrecoverably guaranteed by Beijing Enterprises Holdings Ltd. (BEHL, Baa1 stable).
The outlook is stable.
"As we expect the proceeds will be mainly used to refinance Beijing Enterprises' acquisition in EEW GmbH, which was already reflected in the company's interim results, the post issuance credit profile will remain consistent with our expectation," Moody's vice president and senior analyst Ada Li said in a news release.
The agency added that Beijing Enterprises’ Baa1 issuer rating incorporates: (a) Its standalone credit strength; and (b) a four-notch uplift, based on our assessment of parental support from Beijing Enterprises Group Co. Ltd. (BE Group, unrated) to Beijing Enterprises, if needed.
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