Moody’s gives Yuexiu Property notes Baa3

Moody’s Investors Service said it assigned a Baa3 senior unsecured rating to the proposed dollar-denominated senior notes to be issued by Yuexiu Property Co. Ltd. subsidiary Westwood Group Holdings Ltd. under its $3 billion medium-term note program.

“The Baa3 rating on the notes reflects the unconditional and irrevocable guarantee from Yuexiu Property,” Moody’s said in a press release.

Yuexiu Property will use the proceeds to refinance maturing debt.

“The proposed issuance will extend Yuexiu Property’s debt maturity profile without materially affecting its financial profile, as the proceeds will be mainly used to refinance existing debt,” said Kaven Tsang, a Moody’s senior vice president, and also Moody’s lead analyst for Yuexiu Property, in a press release.

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