Credit rating agency Moody's Investors Service has assigned a Baa2 senior unsecured rating to the proposed US$600 million convertible note issue of China Mobile (Hong Kong). The issue is part of China Mobile's fund-raising plan to finance its US$32.84 billion acquisition of seven mobile networks from its parent. The rating recognised China Mobile's present strong competitive position as the dominant Chinese service provider, its high-quality network and attractive services and growth potential, the credit rating agency said. Standard & Poor's assigned a BBB rating on the proposed bond issue on Wednesday.