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Moody’s assigns Fantasia notes B3
Moody’s Investors Service said it assigned a B3 senior unsecured rating to the proposed notes to be issued by Fantasia Holdings Group Co., Ltd.
Fantasia plans to use the proceeds to refinance certain of its offshore debt.
Fantasia’s B3 senior unsecured debt rating is one notch lower than the company’s corporate family rating due to structural subordination risk. The majority of Fantasia’s claims are at the subsidiary level and would have priority over the holding company in a bankruptcy scenario, Moody’s said.
“The proposed bond issuance will not have a material impact on Fantasia’s credit profile, given that the proceeds will mainly be used to refinance the company’s maturing debt,” said Celine Yang, a Moody’s assistant vice president and analyst, in a press release.
The outlook on the rating is stable.
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