Moody's rates Shenwan Hongyuan bonds Baa2

Moody's Investors Service said it gave a Baa2 long-term backed senior unsecured rating to the dollar-denominated bonds to be sold by Shenwan Hongyuan International Finance Ltd. and guaranteed by Shenwan Hongyuan Securities Co. Ltd.

The Baa2 rating for the proposed bonds is in line with Shenwan Hongyuan Securities' Baa2 issuer rating because it will guarantee the bonds, Moody’s explained.

Shenwan Hongyuan Securities plans to use the proceeds to supplement the working capital and support its development of overseas business.

The outlook is stable.

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