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Moody's assigns Powerlong notes B2
Moody's Investors Service said it gave a B2 senior unsecured rating to Powerlong Real Estate Holdings Ltd.'s planned senior unsecured dollar-denominated notes.
The B2 rating is one notch lower than Powerlong's corporate family rating due to structural subordination risk. This risk reflects that most claims are at the operating subsidiaries and have priority over Powerlong's senior unsecured claims in a bankruptcy scenario, the agency said.
Powerlong plans to use the proceeds notes to refinance offshore debt.
“The proposed issuance will improve Powerlong's liquidity and debt maturity profile without materially affecting its credit metrics, because the company will use the proceeds to refinance its existing debt,” Moody’s said in a press release.
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