Moody's rates China Oriental notes Ba1

Moody's Investors Service said it assigned a Ba1 senior unsecured rating to China Oriental Group Co. Ltd.'s proposed dollar notes.

At the same time, Moody's said it has affirmed the company's Ba1 corporate family rating.

The outlook is stable.

The proceeds of the proposed notes will be used by the company to fund working capital, capital expenditures and for general corporate purposes, including possibly the acquisition of steel mills in China and investments in iron ore assets, the agency said.

According to Moody's, the rating reflects China Oriental's position as one of the largest makers in China of H-sections steel products and management's prudent financial philosophy.

© 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.