Moody’s rates Dianjian debt Baa1

Moody's Investors Service said it assigned a Baa1 senior unsecured rating to the proposed senior perpetual securities to be issued under the medium-term note program of Dianjian International Finance Ltd. and guaranteed by Power Construction Corp. of China (Baa1 stable).

Proceeds will be used to refinance the company's existing debt and for general corporate purposes.

The agency said the Baa1 rating reflects the guarantee from PowerChina and the fact that the securities will rank pari passu with all other senior unsecured obligations of PowerChina.

"The perpetual securities will not materially increase PowerChina's overall debt level; instead, they will improve its liquidity and debt maturity profile," Chenyi Lu, Moody's vice president and senior credit officer, said in a news release.

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