Moody's assigns Zhongyuan Yuzi A2

Moody's Investors Service said it assigned an A2 senior unsecured rating to the proposed dollar-denominated notes to be issued by Zhongyuan Zhicheng Co., Ltd., which will be guaranteed by Zhongyuan Yuzi Investment Holding Group Co., Ltd.

“The A2 rating on the proposed U.S. dollar notes reflects: (1) the issuing entity's 100% ownership by Zhongyuan Yuzi; (2) the unconditional and irrevocable guarantee provided by Zhongyuan Yuzi; and (3) the fact that the notes are ranked pari passu with the other senior unsecured obligations of the guarantor, Zhongyuan Yuzi,” Moody’s said in a press release.

Zhongyuan Yuzi will use the proceeds, partly to refinance the offshore debt due within one year, and the balance to invest in low-income housing projects, infrastructure and manufacturing projects in Henan.

The outlook for both companies is stable.

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