Hong Kong, December 03, 2012 -- Moody's Investors Service has assigned a definitive A1 rating to the US$1,000,000,000 4.00% Credit Enhanced Bonds due 2022 issued by COSCO Finance (2011) Limited.
The bonds are supported by an unconditional and irrevocable standby letter of credit from the Bank of China Limited (BOC, A1 stable), acting through its Beijing Branch.
Issuer: COSCO Finance (2011) Limited
.... US$1,000,000,000 4.00% Credit Enhanced Bonds due 2022, assigned A1
The rating of the bonds addresses the expected loss posed to investors by the legal final maturity.
Moody's rating addresses only the credit risks associated with the transaction. Other non-credit risks have not been addressed, but may have a significant effect on yield to investors.
The A1 rating of the bonds is the same as BOC's senior unsecured debt rating as the bonds are fully supported by an unconditional and irrevocable standby letter of credit provided by BOC through its Beijing Branch.
The standby letter of credit is an unconditional, unsecured and unsubordinated obligation of BOC. BOC's payment obligations under the standby letter of credit will at all times rank at least equally with all of its other present and future unsecured and unsubordinated obligations.
The issuer of the bonds is a special purpose vehicle established in the British Virgin Islands, and is wholly owned by China COSCO Holdings Company Limited.
BOC is headquartered in Beijing. As of 30 September, 2012, BOC's assets totaled RMB12.7 trillion.
Moody's analysis of the transaction is based primarily on the unsecured and unsubordinated obligations of BOC to support the payment of the bonds through the standby letter of credit. As such, the rating of the bonds is directly linked to the senior unsecured debt rating of BOC. Accordingly, any change in such rating of BOC could cause a corresponding change to the rating of the bonds.
Other factors used in this rating are described in "Moody's Identifies Core Principles of Guarantees for Credit Substitution" published in November 2010 and "Letter of Credit Supported Transactions" published in August 2005.
The Global Scale Credit Ratings on this press release that are issued by one of Moody's affiliates outside the EU are endorsed by Moody's Investors Service Ltd., One Canada Square, Canary Wharf, London E 14 5FA, UK, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.
For ratings issued on a program, series or category/class of debt, this announcement provides relevant 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 relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant 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.
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Joe WongAsst Vice President - Analyst Structured Finance Group Moody'sInvestors Service Hong Kong Ltd. 24/F One Pacific Place 88 Queensway Hong Kong China (Hong Kong S.A.R.) JOURNALISTS: (852) 3758 -1350 SUBSCRIBERS: (852) 3551-3077 Jerome Cheng VP - Senior Credit Officer Structured Finance Group JOURNALISTS: (852) 3758 -1350 SUBSCRIBERS: (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 SUBSCRIBERS: (852) 3551-3077 (C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.
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