Moody’s eyes GF bonds for downgrade

Moody's Investors Service said it placed GF Financial Holdings BVI Ltd.’s $300 million of 1.125% credit-enhanced bonds due 2024 on review for downgrade. The bonds, rated A2, are backed by a standby letter of credit from Nanyang Commercial Bank Ltd.

The review was prompted by a review of Nanyang Commercial Bank’s long-term counterparty risk assessment, the agency said. A change in the bank’s counterparty risk assessment could lead to a change in the rating.

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