Moody’s rates Chongqing Grain notes A1

Moody’s Investors Service said it assigned a provisional A1 rating to the notes to be issued by Chongqing Grain Group Co., Ltd.

The notes will be supported by an irrevocable and standby letter of credit from Agricultural Bank of China Ltd., Singapore branch, Moody’s said.

The long-term counterparty risk assessment assigned to the bank is A1(cr).

The rating on the notes addresses the expected loss posed to investors by the legal final maturity, Moody’s said.

The structure allows for timely payment of interest and ultimate repayment of principal of the rated notes by the legal maturity date, the agency explained.

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