Moody’s rates China Everbright notes Baa3

Moody’s Investors Service said it assigned China Everbright Ltd.’s dollar-denominated senior unsecured perpetual notes a Baa3(hyb) foreign-currency rating.

“The Baa3(hyb) senior unsecured rating is on par with China Everbright’s Baa3 long-term issuer ratings, reflecting the proposed bonds’ seniority in the issuer’s liability structure,” Moody’s said in a press release.

The rating also reflects the securities’ features, which will have optional and cumulative deferral, dividend payout restrictions in the case of deferral and increase on distribution rate in case of change of control, a breach of covenant event and a relevant indebtedness default event, the agency said.

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