Moody’s gives Ba1 to Country Garden notes

Moody's Investors Service said it assigned a Ba1 rating to Country Garden Holdings Co. Ltd.’s proposed dollar-denominated senior unsecured notes.

The outlook on the Ba1 corporate family rating remains stable.

The company plans to use the bond proceeds to refinance existing debt and for general working capital purposes.

"Country Garden's Ba1 ratings reflect its large scale and good geographic coverage, as well as its established track record in suburban property development in China," Moody's vice president and senior credit officer Franco Leung said in a news release.

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