Moody's rates Guangzhou Development bonds Baa1

Moody's Investors Service said it assigned a first-time Baa1 issuer rating to Guangzhou Development District Financial Holdings Group Co., Ltd.

Moody's also said it assigned a Baa1 senior unsecured rating to the proposed bonds to be issued by GET International Investment Holdings Ltd. and unconditionally and irrevocably guaranteed by Guangzhou Development.

The outlook is stable.

The proceeds from the notes will be used to refinance existing debt and for general corporate purposes, Moody's said.

The ratings combine the company's Ba1 baseline credit assessment and three-notch uplift to reflect the assessment of a high likelihood of support from and high level of dependence on the Government of China in times of need, the agency said.

The ratings reflect the company's important status as a key investment platform for and full ownership by the Guangzhou Development District Administrative Committee under the Guangzhou government, Moody's said.

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