Moody's rates Bright Food euro notes Baa3

Moody's Investors Service said it assigned a Baa3 backed senior unsecured rating to the euro notes to be issued by Bright Food Singapore Holdings Pte. Ltd. and guaranteed by Bright Food (Group) Co., Ltd.

The outlook is stable.

The proceeds from the notes will be used for refinancing, Moody's said.

The issuance will not materially increase Bright Food's leverage because the company will primarily use the proceeds to refinance its existing debt, the agency said.

The ratings consider the company's baseline credit assessment of Ba3 and three notches of uplift from an assessment of a high likelihood of support from the Shanghai municipal government in times of stress, Moody's explained.

The high likelihood of support considers Bright Food's full ownership by the Shanghai municipal government, its important role in securing food supply and ensuring food safety for the city, the agency said, and the strong track record of support from the municipal government.

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