Moody’s: Country Garden notes Ba1

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

The outlook is stable.

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

"The proposed notes will not materially affect Country Garden's debt leverage, because the majority of the proceeds will be used to refinance the company's existing debt," Moody's vice president and senior credit officer Franco Leung said in a news release.

The agency expects the size of the new issuance will not be material relative to Country Garden's total debt. The issuance will also slightly improve the company's debt maturity profile given the company's refinancing plans, Moody’s noted.

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