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Moody’s confirms Hualu ratings
Moody's Investors Service said it confirmed Hualu Holdings Co., Ltd.'s A3 issuer rating and the A3 senior unsecured rating on the notes issued by Hualu International Finance (BVI) Ltd. and guaranteed by Hualu. Moody’s also boosted the baseline credit assessment to baa2 from baa3.
The outlook is now stable. Previously, the rating was on review for downgrade. These actions end the review for downgrade started on Dec. 6, the agency.
"The confirmation of Hualu's ratings with a stable outlook reflects our view that the impact of a lower government support assumption, from high to strong, is counterbalanced by the company's improved BCA," said Roy Zhang, a Moody's vice president and senior analyst, in a press release.
"Its improved BCA in turn reflects Hualu's strengthening business profile with the successful completion of the coal chemical project in 2023, the good transparency of its major operating companies, and its long track record of prudent financial policy, with solid credit metrics and excellent liquidity," Zhang added.
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