HONG KONG, 19 February 2025 – Lianhe Ratings Global Limited (“Lianhe Global”), an international credit rating company, has assigned ‘BBB+’ global scale Long-term Issuance Credit Rating to the USD240 million, 7.0% senior unsecured bonds due 2027 (“the Bonds”) issued by Qingdao Jiaozhou Bay Development Group Co., Ltd. (“JZBD”; ‘BBB+/Stable’). The company plans to issue USD160 million additional bonds, which will be consolidated and form a single series with the Bonds. The tap issuance will not affect the rating on the Bonds.
JZBD intends to use the net proceeds from the Bonds and the tap issuance to refinance its existing medium to long-term offshore debts.