Moody’s rates Yuzhou bond B1

Moody's Investors Service said it assigned a B1 senior unsecured rating to the dollar-denominated bond issuance proposed by Yuzhou Properties Co. Ltd. and affirmed the B1 corporate family rating and senior unsecured debt ratings.

The outlook is stable.

Yuzhou will use the proceeds mainly to refinance existing debt.

"The proposed bonds – which will be used mainly for debt refinancing – will have a limited impact on Yuzhou's credit metrics, but they will improve the company's debt maturity profile," Franco Leung, Moody's senior credit officer and international lead analyst for Yuzhou, said in a news release.

Yuzhou's B1 corporate family rating reflects its growing operating scale, as well as its leading market position in Xiamen and the good quality of its land bank in the city, the agency added.

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