Moody’s assigns Bao-Trans bonds Baa1

Moody's Investors Service said it assigned a Baa1 senior unsecured rating to the proposed euro bonds to be issued by Bao-Trans Enterprises Ltd.

The bonds will be supported by Bao-Trans' immediate parent, Baoshan Iron & Steel Co. Ltd. (BISC, A3 stable), through a deed of investment and keepwell undertakings and a liquidity support covenants deed executed between Baoshan Iron, Bao-Trans and the bond trustee.

The outlook is stable.

"The Baa1 rating for the notes primarily reflects our assessment that Bao-Trans will receive strong support from BISC in times of need, due to the close linkage between the two companies," Moody's assistant vice president and analyst Jiming Zou said in a news release.

"The rating also reflects the integration between the operations of Bao-Trans and BISC."

© 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.