Moody's rates Changchun Urban bond Baa1

Moody's Investors Service said it assigned a Baa1 senior unsecured rating to the planned bonds Changchun Urban Development & Investment Holdings (Group) Co., Ltd. will guarantee. Subsidiary Chang Development International Ltd. will sell the bonds.

The Baa1 rating for the senior unsecured bonds reflects the guarantee from Changchun Urban and that the guarantee is ranked equally with Changchun Urban’s other senior unsecured obligations, the agency said.

Changchun Urban plans to use the proceeds for general corporate and refinancing purposes.

The outlook is stable.

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