Moody's gives Parkson notes Ba1

Moody's Investors Service said it assigned a provisional Ba1 rating to the dollar-denominated senior notes proposed by Parkson Retail Group Ltd.

At the same time, Moody's affirmed Parkson's Ba1 corporate family rating.

The outlook is stable.

About 90% of the bond proceeds will be used to refinance the $400 million offshore syndicated loan due November 2013 and the $50 million bridging loan due June 2013. The remaining proceeds will be used for general corporate purposes.

"The proposed notes will improve Parkson's debt maturity profile without adversely affecting its credit metrics in any material way," Moody's vice president and senior analyst Alan Gao said in a news release.

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