Moody's assigns B3 to Zensun notes

Moody's Investors Service said it assigned a B3 backed senior unsecured debt rating to the proposed U.S. dollar-denominated notes to be issued by Zensun Enterprises Ltd.

The notes will be irrevocably and unconditionally guaranteed by Zensun Group Ltd. (Zensun, B2 stable).

The outlook is stable.

Zensun plans to use the proceeds from the proposed notes to refinance existing debt.

“The bond issuance, if executed as planned, will improve Zensun's liquidity profile, while not meaningfully affecting the company's credit metrics, because the proceeds are primarily used for debt refinancing,” said Daniel Zhou, a Moody's analyst, in a news release.

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