Moody’s: B1 to Yuzhou perpetuals

Moody's Investors Service said it assigned a B1 senior unsecured rating to Yuzhou Properties Co. Ltd.'s (B1 positive) proposed dollar-denominated senior perpetual capital securities.

The perpetual securities will rank pari passu with all other present and future senior obligations of Yuzhou.

“The proposed perpetual securities will extend Yuzhou's debt maturity profile and will not have a material impact on its credit metrics, as the proceeds will mainly be used to refinance existing debt,” Moody's analyst Chris Wong said in a news release.

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