Moody's: SPG Land notes B1

Moody's Investors Service said it assigned a definitive B1 senior unsecured bond rating to the five-year $200 million 13.5% notes issued by SPG Land (Holdings) Ltd.

The outlook is stable.

The definitive rating confirms the provisional B1 rating assigned in March, Moody's said.

SPG Land is exposed to high levels of execution and financing risks arising from its fast growth plan, geographically concentrated operations and high debt leverage, Moody's said.

But it has a well-located land bank mainly in the affluent and fast-growing Yangtze River Delta, the agency said, and a track record for developing large-scale housing and high-end integrated projects, which partly mitigates these challenges.

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