Moody's rates Maoye bonds Ba2

Moody's Investors Service said it assigned a Ba1 corporate family rating to Maoye International Holdings Ltd.

At the same time, Moody's assigned a provisional Ba2 senior unsecured debt rating to Maoye's proposed dollar-denominated senior unsecured bonds.

The outlook is stable.

The company plans to use the proceeds from the proposed issuance primarily to refinance its existing debt and the remainder for general corporate purposes.

"Maoye's Ba1 rating reflects its leading and established position as a department store operator in the affluent Shenzhen market, which contributed 57% of EBIT in 2012," Moody's vice president and senior analyst Alan Gao said in a news release.

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