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Hong Kong, 29 September 2020 -- China Chengxin (Asia Pacific) Credit Ratings (“CCXAP”) says Jiangsu Yueda Group Co., Ltd.’s (“Jiangsu Yueda” or the “Company”) (BBB_g-/Stable) proposed tap issuance on its existing USD100 million 5.7% senior unsecured bonds due 2023 will not affect the BBB_g- rating on the bonds. The rating of the bonds was previously assigned by CCXAP on 4 June 2020.

The proposed tap issuance will carry the same terms and conditions as the existing bonds. Net proceeds from the tap issuance will be used for onshore and offshore business development and refinancing of onshore indebtedness. The rating of the bonds is equal to the Company’s long-term credit rating.

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CCXAP’s public ratings are available at www.ccxap.com (Rating Results) and may be distributed through media and other means. Methodology used in this rating is the Rating Methodology for Business and Customer Service Companies dated December 2019, available at www.ccxap.com (Rating Methodologies).