Moody’s gives B3 to Powerlong notes

Moody's Investors Service said it assigned a B3 rating to Powerlong Real Estate Holdings Ltd.’s proposed senior unsecured Chinese renminbi-denominated notes.

At the same time, the agency affirmed the company's B2 corporate family and existing senior unsecured B3 ratings.

The outlook is stable.

Powerlong plans to use the proceeds to refinance its existing debt.

"The proposed notes issuance will not increase Powerlong's debt leverage in any significant manner given its refinancing purpose and will in fact improve its debt maturity profile," Moody's vice president and senior analyst Gerwin Ho said in a news release.

Powerlong's B2 corporate family rating reflects: (a) Its track record in developing and selling integrated retail and residential complexes; (b) its ability to attract strong domestic and international anchor tenants to its growing number of investment properties, thereby providing recurring income; and (c) its growing number of development projects, particularly in higher tier cities, that help improve contracted sales, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.