Moody’s gives Zhengzhou Metro bond A3

Moody's Investors Service said it assigned an A3 issuer rating to Zhengzhou Metro Group Co., Ltd.

At the same time, Moody's assigned an A3 senior unsecured rating to the proposed dollar bond to be issued by the company.

The outlook is stable.

The agency said the issuer rating combines the company’s ba2 baseline credit assessment and Moody's assessment of the very high likelihood of support and high level of dependence from the Zhengzhou government and ultimately China (A1, stable) when in need, which provides a five-notch uplift into its final rating.

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