Moody's rates China Orienwise bond Ba3

Moody's Investor Service said it assigned a Ba3 foreign-currency senior unsecured rating to China Orienwise Ltd.'s proposed dollar-denominated bonds due 2011, which will be issued together with certain units of warrants.

The outlook is stable.

The rating follows Moody's earlier assignment of a Ba3 corporate family rating to the China-based company. The agency noted that if the company becomes a publicly listed company, it will have an option to call 35% of the bonds at a premium equal to the coupon.

The corporate family rating is based on the group's combined credit worthiness. Although China Orienwise is structurally subordinated to its operating subsidiaries in China, Moody's said it did not notch the bond from the company's corporate family rating of Ba3 because the company and its subsidiaries are restricted from taking on debt except for regular business operations.

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