Moody’s: Biostime notes Ba3

Moody’s Investors Service said it assigned a first-time Ba2 corporate family rating to Biostime International Holdings Ltd.

Moody’s also said it assigned a provisional Ba3 rating to its proposed dollar-denominated notes.

The outlook is stable.

The proceeds will be deposited into an escrow account and will be used by Biostime to refinance its HK$3.1 billion zero-coupon convertible bond with a put date in February 2017, Moody’s said.

The ratings reflect the company’s leading position among domestic infant milk formula providers, diversification into a leading position in Australia’s vitamin, herbal and mineral supplements market and the growing demand, the agency said.

The ratings also consider the company’s strong profitability and steady cash flow generation, Moody’s added.

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