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Moody's: Powerlong notes B2
Moody's Investors Service said it assigned a B2 rating to Powerlong Real Estate Holdings Ltd.'s proposed senior unsecured dollar-denominated notes.
The outlook is stable.
The proceeds will be used to refinance existing debt, Moody's said.
The proposed bond issuance will support Powerlong's liquidity profile and will not materially affect its credit metrics, as it will use the proceeds mainly to refinance existing debt, the agency said.
The ratings also reflect the company's track record of developing and selling commercial and residential properties, ability to generate non-development revenue and its expansion into higher-tier cities, where demand is favorable, Moody's said.
The ratings are constrained by execution risk, high level of capital demand and high debt leverage, the agency said.
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