Moody's rates Gemdale International bonds Ba3

Moody's Investors Service said it assigned a Ba3 senior unsecured rating to the proposed bonds to be issued by Gemdale International Investment Ltd.

At the same time, Moody's affirmed Gemdale Corp.'s Ba1 corporate family rating, Famous Commercial Ltd.'s Ba3 corporate family rating and Gemdale International's Ba3 senior unsecured bond rating.

The outlook is stable.

The proposed bonds will be guaranteed by Famous and supported by a Deed of Equity Interest Purchase Undertaking and a Keepwell Deed between Famous, Gemdale Corp. and the bond trustee. There will also be 12 months of interest reserves in an offshore interest reserve account.

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