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Moody's assigns B1 to Yuzhou notes
Moody's Investors Service said it assigned a B1 rating to Yuzhou Properties Co. Ltd.'s proposed senior unsecured dollar-denominated notes. The outlook is stable.
Yuzhou intends to use the proceeds primarily to refinance its medium- to long-term offshore indebtedness maturing within one year.
“The proposed bond issuance will support Yuzhou's liquidity and lengthen its debt maturity profile,” said Celine Yang, a Moody's assistant vice president and analyst, in a press release. “In addition, the issuance will not materially affect Yuzhou's credit metrics, because the company will use the proceeds to refinance its maturing debt.”
Moody's said it forecasts Yuzhou's debt leverage, as measured by revenue/adjusted debt and including shares from joint ventures and associates, will gradually recover to around 60% towards the end of 2020 from around 43% for the 12 months ended June 30, 2019, driven by likely stronger revenue recognition and controlled debt growth over the next 12-18 months.
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