OREANDA-NEWS. November 28, 2011. Approved by the State Council, the National Development and Reform Commission allows Baosteel Group to issue RMB bonds in Hong Kong, it is first time that domestic enterprise is allowed to issue RMB bonds in Hong Kong, reported the press-centre of Baosteel.

Three international rating agencies: Moody's, Standard & Poor's and Fitch have successfully finished the Baosteel Group (issuer) grading. Moody's rating is : "A3" and the rating outlook is "stable"; Standard & Poor's rating is "A" and the rating outlook is "stable"; Fitch's rating is "A-" and the rating outlook is" stable ".

For Baosteel Group's upcoming issue of the RMB debt, the three rating agencies' expected debt rating results will be consistent with the issuer's. The three major rating agencies' rating also makes Baosteel Group into one of the world's iron and steel enterprises with the highest ratings. It reflects Baosteel Group's strength and its leading position in the global steel industry. It provides a strong support for Baosteel Group and its subsidiaries' international operation and financing in the international capital market.

The funds raised from issuance of bonds will be used to invest in Baosteel Group's foreign subsidiaries. According to the plan, Baosteel will soon launch a series of roadshows.