Moody's places WESTCHINACEMENT on upgrade watch, expects new notes issuance to alleviate refinancing risks

AASTOCKS
2025.11.18 06:49

Moody's Ratings announced that WESTCHINACEMENT (02233.HK) has its "Caa1" corporate family rating and "Caa2" senior unsecured rating placed on review for upgrade, previously having a negative outlook.

Moody's stated that WESTCHINACEMENT plans to issue new US dollar senior notes and intends to make a tender offer for the outstanding $600 million 4.95% senior notes maturing in July 2026, with a purchase price of $1,012.38 for each $1,000 principal amount. The proceeds from the new notes, along with internal cash resources, will be used to repay existing debt.

Gerwin Ho, Vice President and Senior Credit Analyst at Moody's, indicated that the issuance of new notes will help alleviate WESTCHINACEMENT's refinancing risk, and if completed, it is expected to upgrade its corporate family rating and senior unsecured rating to "B3" and "Caa1," respectively

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