Moody’s rates Reward CFR, notes B1

Moody's Investors Service said it assigned a B1 corporate family rating to Reward Science and Technology Industry Group Co., Ltd.

At the same time, the agency assigned a provisional B1 rating to the proposed senior notes, which will be issued by Reward International Investment Ltd., and guaranteed by Reward.

Proceeds will be used for the acquisition of Panrosa Enterprises Inc. (unrated), capital expenditures, and general corporate purposes.

The outlook is stable.

"Reward's B1 rating reflects its vertically integrated dairy supply chain which helps to ensure product safety, the increasing level of national penetration for its cleaning products, steady operating cash flow generation, and its improving financial structure," Moody's vice president and senior analyst Gloria Tsuen said in a news release.

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