Moody’s ups China Cinda Finance

Moody’s Investors Services said it upgraded China Cinda Finance (2015) I Ltd.’s and China Cinda Finance (2017) I Ltd.’s backed senior unsecured note ratings under their medium-term note programs to A3 from Baa1.

Moody’s also upgraded China Cinda Finance (2014) Ltd.’s backed senior unsecured note rating with a keepwell deed from China Cinda AMC and a guarantee deed by Cinda HK to A3 from Baa1.

The outlooks of China Cinda Finance (2014), China Cinda Finance (2015) I and China Cinda Finance (2017) I remain stable.

The upgrades on these senior unsecured note ratings consider an unconditional and irrevocable guarantee deed from Cinda HK, and Cinda HK’s A3 long-term issuer rating, which Moody’s assigned on Dec. 16. While the notes issued are supported by keepwell deeds and asset purchase deeds provided by China Cinda AMC, they are fully guaranteed by Cinda HK. The guarantees represent an unsubordinated and unsecured obligation of Cinda HK. The obligations rank pari equally with Cinda HK’s unsecured and unsubordinated obligations, Moody’s said.

Given that Moody’s assigned an A3 issuer rating to Cinda HK, the agency positioned the backed senior unsecured note ratings in line with the A3 long-term issuer rating of Cinda HK, the agency said.

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