Moody's rates Ningbo Haishu notes Baa3

Moody's Investors Service said it assigned a Baa3 senior unsecured rating to the euro-denominated notes to be issued by Heng Yuan International Co. Ltd. and guaranteed by Ningbo Haishu Development and Construction Investment Group Co., Ltd.

"Ningbo Haishu's Baa3 rating reflects its close linkage with the local government as a dominant local government financial vehicle (LGFV) in the Haishu district of Ningbo city. It is engaged in the bulk of public policy projects such as affordable housing in the district and has a robust track record of receiving government payments," said Ying Wang, a Moody's vice president and senior analyst, in a press release.

Ningbo Haishu will use the proceeds for project construction and general working capital.

The outlook is stable.

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