Moody's rates Bright Food Baa3

Moody's Investors Service said it assigned a first-time Baa3 issuer rating to Bright Food International Ltd.

The outlook is stable.

Bright Food's rating reflects its Ba3-level standalone credit strength and a three-notch uplift based on an assessment of support from its parent, Bright Food (Group) Co., Ltd., the agency said.

The three-notch parental uplift reflects the subsidiaries importance to and close linkage with Bright Food Group, Moody's explained.

The ratings reflect Bright Food's 100% ownership by its parent, as well as the parent's track record of providing support and the high reputational risk for the parent and the Shanghai municipal government if Bright Food were to default, the agency said.

Bright Food International is the major operating and financing platform for its parent's overseas investments, Moody's noted.

The company's standalone credit strength is underpinned by its diversified geographic and business profile, strong brand awareness and leading local market share of certain sub-segments, the agency said.

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