Moody's: Parkson bonds Ba1

Moody's Investors Service said it assigned a definitive Ba1 rating to the $500 million, 4½% five-year senior unsecured bonds issued by Parkson Retail Group Ltd.

The outlook is stable.

Moody's definitive rating on this debt obligation follows Parkson's successful completion of its dollar-denominated bond issuance, the final terms and conditions of which are consistent with Moody's expectations.

The company will use the proceeds from the issuance to refinance $400 million in offshore syndicated loans due November 2013 and a $50 million bridging loan due June 2013.

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