Moody's rates Country Garden bonds Ba1

Moody's Investors Service said it assigned first-time Ba1 corporate family rating to Country Garden Holdings Co. Ltd., along with a provisional Ba1 senior unsecured debt rating to its proposed U.S. dollar bonds (maturing 2012 and 2017).

The outlook is stable.

The ratings reflect the company's leading market position and the growth opportunities provided by its business model, which focuses on building integrated townships in suburban China and its ability to offer affordable products to a growing middle income group, Moody's said.

On the other hand, Country Garden's rapid and projected growth could exert stress on its management and operational teams, the agency said.

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