Moody's rates Hubei Science notes Baa2

Moody's Investors Service said it assigned a first-time Baa2 issuer rating to Hubei Science & Technology Investment Group Co., Ltd.

Moody's also said it assigned a Baa2 rating to the proposed dollar-denominated senior unsecured notes to be issued by Hubei Science & Technology Investment Group (Hong Kong) Co. Ltd. and guaranteed by Hubei Science.

The outlook is stable.

The proceeds will be used for general corporate purposes, Moody's said.

The ratings combine the company's Ba3 baseline credit assessment and a four-notch uplift based on an assessment of a high likelihood that the company will receive extraordinary support from the Wuhan municipal government, if needed, Moody's said.

The ratings also reflect the company's important role in the development of the East Lake High-tech Zone, the agency said, and the company's close linkage with the Wuhan government.

The company is mainly responsible for the construction of infrastructure, industrial park development and investment in strategic industries in the East Lake high-tech zone, Moody's said.

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