Moody's confirms Country Garden

Moody's Investors Service said it confirmed Country Garden Holdings Co. Ltd.'s Ba2 corporate family rating and Ba3 senior unsecured bond rating.

The outlook is negative.

This concludes the review for possible downgrade that began in December following news that Country Garden's entered into agreement to participate in the Asian Games City project in Guangzhou.

The action reflects an expectation that Country Garden may consider including other parties who are interested in the Asian Games City center, Moody's said, and that the presale proceeds will fund part of its land payments.

The ability to fund such payments would mitigate concerns that the project would strain the company's liquidity, the agency said.

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