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Rating Action:

Moody's assigns Baa3 to USD notes guaranteed by Yiwu State-owned Capital Operation Co., Ltd.

 The document has been translated in other languages

21 Nov 2017

Hong Kong, November 21, 2017 -- Moody's Investors Service, ("Moody's") has assigned a Baa3 senior unsecured rating to the proposed USD notes to be issued by Chouzhou International Investment Limited and guaranteed by Yiwu State-owned Capital Operation Co., Ltd. (YSCO, Baa3 stable).

The rating outlook is stable.

The proceeds will be used to invest in key infrastructure construction projects and for general corporate purposes.

RATINGS RATIONALE

"The bond issuance is part of YSCO's debt-funded investment plan and will not materially change our expectation of a rise in leverage over the next 12-18 months," says Franco Leung, a Moody's Vice President and Senior Credit Officer, and also the International Lead Analyst for YSCO.

Moody's expects the company's debt leverage — as measured by adjusted debt/capitalization — will rise to around 70% over the next 12-18 months from 60% in 2016 due to its sizeable debt-funded investment plan, principally for infrastructure construction and shantytown development projects. Such a level of leverage would position the company's baseline credit assessment (BCA) in the low ba range.

YSCO's Baa3 issuer rating combines: (1) its ba3 BCA; and (2) Moody's assessment of a high likelihood that the company will receive extraordinary support from the Yiwu City Government in times of need, which provides a three-notch uplift to its rating.

This support assessment reflects (1) YSCO's dominant role in the city's development, with its projects being partly commercially viable as well as linked to the Yiwu Government's public policy goals; (2) the close supervision by the Yiwu Government; (3) continued large government subsidies and capital injections; and (4) a high portion of debt raised for public welfare projects and commercial public projects supported by the Yiwu Government's annual budgets.

YSCO's ba3 BCA is driven by its diversified business profile, which consolidates the majority of Yiwu city's state-owned operating assets; the stable recurring rental income from its widely and internationally recognized small commodity trading centers; and its strong access to domestic funding.

On the other hand, YSCO's BCA is constrained by its high debt leverage, because of its sizable investment plan for infrastructure construction and shantytown renovation projects over the next 2-3 years.

The stable rating outlook incorporates Moody's expectation that over the next 12-18 months (1) the company's credit metrics will be maintained at levels that are appropriate for its ba3 BCA; and (2) its importance to the Yiwu Government, and the Yiwu Government's ability to provide support, will remain intact.

Moody's will upgrade YSCO's rating if the company improves its financial profile by increasing earnings and reducing debt. Metrics indicative of upward rating pressure include funds from operations (FFO) interest coverage, after government grants and subsidies, exceeding 3.0x, and adjusted debt/capitalization below 50% on a sustained basis. Moody's will also upgrade the rating if the company's importance to the Yiwu Government strengthens, or the Yiwu Government's ability to support YSCO improves.

Moody's will downgrade the rating if the company experiences a material deterioration in its business or financial profile, without any material changes in the assessment of support from the Yiwu Goverment. Specifically, Moody's would downgrade the rating if FFO interest coverage falls below 1.0x-1.2x, or adjusted debt/capitalization rises above 70%-75% on a sustained basis. Moody's will also downgrade the rating in case of a decline in the company's importance to the Yiwu Government, or if there is a weakening in the Yiwu Government's ability to provide support.

The methodologies used in this rating were Business and Consumer Service Industry published in October 2016, and Government-Related Issuers published in August 2017. Please see the Rating Methodologies page on www.moodys.com for a copy of these methodologies.

Yiwu State-owned Capital Operation Co., Ltd. (YSCO) is 100%-owned and directly supervised by the State-Owned Assets Supervision and Administration Commission of the Yiwu City Government (Yiwu SASAC).

As the sole investment platform of the Yiwu SASAC, the company consolidates Yiwu City Government's major state-owned operational assets, including its trading centers, urban infrastructure construction, shantytown renovation projects development, warehousing and logistics, water services, and public transportation.

At the end of 2016, the company's registered capital totaled RMB1.68 billion, with total assets of RMB98.4 billion.

The Local Market analyst for this rating is Cindy Yang, +86 (10) 6319-6570.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

The first name below is the lead rating analyst for this Credit Rating and the last name below is the person primarily responsible for approving this Credit Rating.

Franco Leung
VP - Senior Credit Officer
Corporate Finance Group
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

Gary Lau
MD - Corporate Finance
Corporate Finance Group
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

Releasing Office:
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

No Related Data.
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