Moody’s rates Yanlord notes Ba3

Moody's Investors Services said it assigned a Ba3 senior unsecured debt rating to the proposed dollar-denominated senior notes to be issued by Yanlord Land (HK) Co., Ltd. and irrevocably and unconditionally guaranteed by Yanlord Land Group Ltd. (Ba2 stable).

"The proposed bond will enhance Yanlord 's debt maturity profile and will have a limited impact on its credit metrics," Cedric Lai, Moody's assistant vice president and analyst, said in a news release.

The agency said the proposed issuance will not substantially change Moody's expectations over the next 12-18 months, as the total bond issuance will likely be within the forecast of new debt raised by Yanlord in 2018 for refinancing and capital expenditures.

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