Moody’s rates Qingdao West Coast notes Baa3

Moody’s Investors Service said it assigned a Baa3 rating to the proposed notes to be issued by Xi Hai An 2019 Ltd. and guaranteed by Qingdao West Coast Development (Group) Co., Ltd.

The proceeds will be used by Qingdao for financing domestic construction projects and refinancing offshore indebtedness.

Moody’s also assigned a Baa3 rating to Qingdao. The company benefits from being owned by the city of Qingdao, the agency said.

The outlook is stable.

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