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Moody’s gives Country Garden notes Baa3
Moody’s Investors Service said it gave a Baa3 senior unsecured rating to Country Garden Holdings Co. Ltd.’s planned dollar-denominated notes.
Country Garden plans to use the proceeds to refinance its medium to long-term offshore debt, which will mature within one year. The new notes will not materially affect Country Garden’s credit metrics because it will use the proceeds to refinance debt, Moody’s said.
Moody’s said it forecasts Country Garden’s EBIT/interest coverage will improve slightly to 4.5x-4.7x in the next 12-18 months from 4.4x for the 12 months ended June 30, driven by higher revenue recognition and declining interest costs.
The outlook is stable.
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