Moody's might upgrade Powerlong

Moody's Investors Service said it assigned a Caa1 rating to Powerlong Real Estate Holdings Ltd.'s proposed dollar-denominated senior notes and placed the company's ratings, including the B3 corporate family rating and Caa1 senior rating, on review for upgrade.

The proceeds of the new notes will be used to refinance the company's existing debt in order to improve its liquidity profile and debt maturity profile.

In addition to the refinancing, the review is driven by an improvement in Powerlong's credit profile, as indicated by its rising contract sales and recurring rental income, and the absence of material land payments, Moody's said.

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