Moody's rates Glorious Property notes B2

Moody's Investors Service said it assigned a provisional B2 rating to Glorious Property Holdings Ltd.'s proposed dollar-denominated senior unsecured notes. The agency also said it affirmed its B1 corporate family rating.

The outlook is negative.

The proceeds are intended to fund existing and new property projects and for general corporate purposes.

The proposed bond issue is in line with expectations that Glorious will have to raise debt to fund its unpaid land payments and development expenditure, Moody's said.

While the proposed bond issue could partly fund its near-term obligations and lengthen its debt maturity profile, Glorious' liquidity profile remains weak, given material amount of scheduled debt repayment in the second half of 2011, the agency said.

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