Moody's gives Shandong Energy notes Ba1

Moody's Investors Service said it gave a Ba1 rating to the planned dollar-denominated senior unsecured notes to be issued by Yankuang Group (Cayman) Ltd. and guaranteed by Shandong Energy Group Co. Ltd.

“The Ba1 rating on the proposed notes reflects the guarantee from Shandong Energy and the fact that the notes will rank pari passu with all other senior unsecured obligations of Shandong Energy,” Moody’s said in a press release.

Shandong Energy will use the proceeds to refinance offshore debt. “Therefore, the proposed bond issuance will not materially increase Shandong Energy's debt leverage,” the agency said.

The outlook is stable.

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