Moody's assigns China Jinmao notes Baa3

Moody's Investors Service said it assigned a Baa3 backed senior unsecured rating to the dollar-denominated notes to be issued by Franshion Brilliant Ltd., a wholly-owned subsidiary of China Jinmao Holdings Group Ltd. The parent will guarantee the notes.

"China Jinmao's Baa3 issuer rating reflects the company's solid track record of developing landmark-integrated projects and the stable rental income generated by its quality portfolio of investment properties," said Cedric Lai, a Moody's vice president and senior analyst, in a press release.

China Jinmao will use the proceeds to refinance medium- to long-term offshore indebtedness due within one year.

The outlook is stable.

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