Moody's assigns Ba3 to Yanlord notes

Moody's Investors Service said it assigned a Ba3 senior unsecured rating to the proposed dollar-denominated notes to be issued by Yanlord Land (HK) Co., Ltd., a wholly owned subsidiary of Yanlord Land Group Ltd., which will guarantee the notes.

Yanlord Land (HK) Co., Ltd.'s Ba3 senior unsecured debt rating is a notch lower than the Yanlord's Ba2 corporate family rating due to structural subordination risk. The majority of Yanlord's claims are at its operating subsidiaries and, in bankruptcy, have priority over claims at the holding company, Moody’s said.

Yanlord plans to use the proceeds to refinance its offshore debt and for general corporate purposes.

The outlook is stable.

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