Moody’s rates ChemChina notes Baa2

Moody's Investors Service said it assigned a Baa2 rating to the proposed euro-denominated notes to be issued by CNRC Capital Ltd., a wholly owned subsidiary of China National Chemical Corp. (ChemChina, Baa2 negative).

The outlook is negative.

The proposed notes will be unconditionally and irrevocably guaranteed by ChemChina and will rank pari passu with other present and future unsecured obligations of ChemChina.

Proceeds will be used to refinance the ChemChina's existing borrowings and for general corporate purposes.

"The proposed notes issuance will have a limited impact on ChemChina's credit profile as the proceeds will be mainly used for refinancing its existing debt," Gerwin Ho, Moody's vice president, senior analyst and international lead analyst for ChemChina, said in a news release.

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