Moody's rates Yuexiu Property notes Baa3

Moody's Investors Service said it assigned a Baa3 senior unsecured rating to the proposed yuan-denominated senior notes to be issued by Joy Delight International Ltd., and guaranteed by Yuexiu Property Co. Ltd.

"The proposed issuance will extend Yuexiu Property's debt maturity profile without materially affecting its financial profile, as the proceeds will be mainly used to refinance existing debt," said Kaven Tsang, a Moody's senior vice president, in a press release.

Yuexiu Property will use the proceeds to refinance debt maturing within one year.

The outlook is negative.

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