Moody's gives China Merchants notes Baa1

Moody's Investors Service said it gave a Baa1 senior unsecured rating to the planned senior unsecured dollar-denominated notes to be issued by CMHI Finance (BVI) Co., Ltd., a wholly-owned subsidiary of China Merchants Port Holdings Co. Ltd. (CMPH), which will guarantee the notes.

The notes’ Baa1 rating is consistent with CMPH's Baa1 issuer rating, underpinned by CMPH guarantee, Moody’s said.

The proceeds will be mainly used for general corporate purposes, including the repayment of CMPH debts.

"The proposed issuance will support CMPH's liquidity and debt profile. It will not create increment debts because most of the proceeds from the notes will be used to refinance existing debts," said Ralph Ng, a Moody's vice president and senior analyst, in a press release.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.