Moody's rates Jingrui Holdings notes B3

Moody's Investors Service said it assigned a B3 rating to Jingrui Holdings Ltd.'s proposed senior unsecured dollar-denominated notes.

The outlook is stable.

The proceeds will be used to refinance existing debt and for general corporate purposes, Moody's said.

The proposed bond issuance will support Jingrui's liquidity profile and not materially affect its credit metrics because the company will use the proceeds mainly to refinance existing debt, the agency said.

Moody's said it expects Jingrui will moderately grow its contracted sales by 10% to 15% year-on-year, supported by its established market position in its core Yangtze River Delta market.

The ratings reflect the company's modest scale, moderate financial profile and relatively low, but improving, profitability, the agency said.

The ratings also consider the company's track record of developing properties in Shanghai and other cities in the economically strong Yangtze River Delta area, Moody's said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.