Moody's assigns Zhengzhou bonds A3

Moody's Investors Service said it assigned a senior unsecured rating of A3 to Zhengzhou Metro Group Co., Ltd.’s planned dollar-denominated bonds.

“ZZ Metro's A3 issuer rating is based on Zhengzhou government's governmental capacity to support (GCS) score of a3; and Moody's assessment of the company specific characteristics affecting the Zhengzhou government's propensity to provide support, resulting in zero notching adjustment,” Moody’s said in a press release.

ZZ Metro plans to use the proceeds for refinancing indebtedness.

The outlook is stable.

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