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Moody’s assigns Shandong Hi-speed bond Baa1
Moody’s Investors Service said it assigned a Baa1 senior unsecured rating to Shandong Hi-speed Group Co., Ltd.’s (SDHG) proposed dollar-denominated bond. Shandong’s subsidiary Shandong Hi-Speed Group (Hong Kong) Co., Ltd., will issue the bonds, which will be supported by a keepwell and liquidity support deed and a deed of equity interest purchase undertaking between the parent, the issuer and the bond trustee.
“The Baa1 senior unsecured rating of the proposed bond reflects the combination of SDHG’s A3 issuer rating and the structural features of the proposed bond. The senior unsecured rating is one-notch below SDHG’s issuer rating, as the keepwell agreement reflects SDHG’s willingness to support the issuer. However, a keepwell agreement differs from an explicit guarantee in terms of the protection it provides and the way it is enforced,” Moody’s said in a press release.
SDHG plans to use the proceeds primarily to refinance debt and for general corporate purposes.
The outlook is stable.
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