Moody's gives Country Garden bonds Ba2

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

The outlook is stable.

Proceeds will be used for debt refinancing and general corporate purposes.

"The new bonds will lengthen the average tenure of Country Garden's debt portfolio, while lowering the weighted average costs of borrowing, therefore adding to the stability of its offshore funding platform," Moody's vice president and senior analyst Lina Choi said in a news release.

"The new bonds will also further strengthen Country Garden's already strong liquidity, and support its strong sales momentum."

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