Moody's rates Country Garden notes Baa3

Moody's Investors Service said it assigned a Baa3 senior unsecured rating to the planned dollar-denominated notes to be issued by Country Garden Holdings Co. Ltd.

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," said Celine Yang, a Moody's vice president and senior analyst, in a press release.

The outlook is stable.

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