Moody’s rates Country Garden notes Baa3

Moody’s Investors Service said it assigned a Baa3 senior unsecured debt rating to the proposed senior unsecured dollar-denominated notes to be issued by Country Garden Holdings Co. Ltd. Moody’s issuer rating for Country Gardens is Baa3.

Country Garden plans to use the proceeds to refinance its medium- to long-term offshore debt, which will mature within one year.

“The proposed issuance will not materially affect Country Garden’s credit metrics because the company will use the proceeds to refinance existing debt,” Moody’s said in a press release.

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