Moody's rates Country Garden bond Ba2

Moody's Investors Service said it assigned a Ba2 rating to Country Garden Holdings Co. Ltd.'s proposed senior and unsecured bond.

At the same time, the agency affirmed the company's ratings.

The outlooks are stable.

The company will use the new funding for general corporate and land acquisition purposes.

"The new bond will further strengthen Country Garden's already strong liquidity, and support its strong sales momentum," Moody's vice president and senior analyst Lina Choi said in a news release.

"The new bond will also lengthen the average tenure of Country Garden's debt portfolio, adding to the stability of its offshore funding platform."

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