Moody's affirms Evergrande

Moody's Investors Service said it affirmed Evergrande Real Estate Group Ltd.'s B1 corporate family and senior unsecured bond ratings with a stable outlook following the successful closing of the company's $750 million bond issuance. The bond rating's provisional status has also been removed.

The ratings reflect Evergrande's position as one of the largest developers in China, measured by contracted sales and size of land bank, Moody's said, and its portfolio's good geographical diversification.

The ratings also take into account the company's high exposure to development and execution risks, unproven track record for its current scale of operations and debt-funded expansion strategies, the agency said.

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