Moody’s rates Sino-Ocean Land bonds Baa3

Moody's Investors Service said it assigned a Baa3 issuer rating to Sino-Ocean Land Holdings Ltd.

The agency also assigned a Baa3 senior unsecured rating to the proposed bonds to be issued by Sino-Ocean Land Treasure Finance I Ltd., a wholly owned subsidiary of Sino-Ocean Land, based on the unconditional and irrevocable guarantee of Sino-Ocean Land.

The outlook is stable.

Proceeds will be used for repayment of existing debt and for general corporate purposes.

"Sino-Ocean Land's Baa3 issuer rating reflects its standalone credit strength and a two-notch rating uplift, based on expected strong support from China Life Insurance Co Ltd. (financial strength A1 stable), its largest shareholder with a 29% equity stake," Moody's vice president and senior analyst Franco Leung said in a news release.

"Sino-Ocean Land's standalone credit profile reflects its long operating history in the property sector since 1993 – with leading positions in its core markets, such as Beijing and Pan-Bohai Rim Region – and its prudent expansion strategy."

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