Moody's gives Yuzhou bonds B2

Moody's Investors Service said it assigned a B2 rating to Yuzhou Properties Co. Ltd.'s proposed senior unsecured bonds.

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

The outlook is stable.

The company will use the bond proceeds to finance land purchases in 2014 and for general corporate purposes.

"The new bonds will further strengthen Yuzhou's liquidity position, and support its growth in 2014," Moody's vice president and senior analyst Lina Choi said in a news release. "The new bonds will also lengthen the average tenure of Yuzhou's debt portfolio, adding to the stability of its funding base."

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