Moody's rates China Merchants notes Baa2

Moody's Investors Service said it assigned a Baa2 rating to the proposed dollar-denominated five-year and 10-year dual tranche senior notes to be issued by CMHI Finance (BVI) Co. Ltd. The notes will be guaranteed by China Merchants (International) Holdings Co. Ltd. Moody's also said it affirmed China Merchants Baa2 issuer rating.

The outlook is stable.

The rating reflects the good locations of China Merchant's ports in China, its established operating track record and stability and strong market shares of its key ports, Moody's said.

The rating also considers various factors that counter-balance the company's strengths, such as lack of free cash flow generation, modest liquidity profile and complex group structure, the agency said.

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