Moody’s: China State Construction notes A2

Moody's Investors Service said it assigned an A2 senior unsecured debt rating to the proposed dollar-denominated notes to be issued by Cscec Finance (Cayman) II Ltd. and guaranteed by China State Construction Engineering Corp. Ltd. (Cscecl, A2 stable).

The outlook is stable.

Proceeds will be used to finance China State Construction’s overseas projects and for other general corporate purposes related to the company's overseas businesses.

"The proposed notes issuance will have a limited impact on Cscecl’s credit metrics," Chenyi Lu, Moody's vice president, senior credit officer and international market analyst for China State Construction, said in a news release.

"We expect that Cscecl will continue to demonstrate debt financing needs for its infrastructure investment and overseas construction projects," Moody's vice president and senior analyst Jiming Zou added in the release.

"At the same time, its strong order intake and increasing earnings will mitigate the impact of an increase in debt."

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.