Moody's upgrades Xinhua

Moody's Investors Service said it upgraded Xinhua Finance Ltd.'s corporate family and senior unsecured bond ratings to B1 from B2.

This concludes the review for possible upgrade begun on March 15, and the outlook is stable.

The agency said the upgrade reflects the group's strengthen liquidity following the initial public offering of Xinhua Finance Media, the group's improved adjusted leverage following the automatic conversion of all Xinhua Finance Media's outstanding convertible preferred shares and convertible loans into class A common shares and ongoing positive developments in Xinhua Finance's operational performance, with 2006 operating results slightly ahead of expectations.

The stable outlook reflects Moody's expectation that Xinhua Finance will execute its business plan as planned and will maintain its competitiveness in the near to medium term.

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