Moody’s might lift Country Garden

Moody's Investors Service said it put Country Garden Holdings Co. Ltd.’s Ba2 corporate family and senior unsecured debt ratings on review for upgrade.

On April 1, Country Garden announced that it proposed to issue about 2.24 million new shares, or roughly 9.9% of the enlarged share capital of the company to Ping An Insurance (Group) Co. of China, Ltd. (unrated). The total amount of new proceeds is estimated at around HK$6.3 billion.

"Country Garden's proposed share placement to Ping An, if successful, will improve its capital base and funding," Moody's vice president and senior analyst Franco Leung said in a news release.

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