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Moody’s: Road King bond B1
Moody's Investors Service said it assigned a B1 senior unsecured rating to the dollar-denominated bond to be issued by RKI Overseas Finance 2016 (B) Ltd. and guaranteed by Road King Infrastructure Ltd. and some of its subsidiaries.
The outlook is stable.
The proceeds will be used from the proposed issuance mainly to refinance its existing debt, Moody’s said.
The proposed bonds will extend Road King's debt maturity and liquidity profile, which has only limited impact on its credit metrics, the agency said.
The proceeds will be used to repay outstanding debt, including the $350 million notes due in September 2017, Moody’s said.
The company’s financial results in the first half of 2016 were largely in line with expectations, the agency said. The results are expected to remain stable for the next 12 to 18 months, supported by its strong contracted sales in the first half of 2016, prudent land acquisitions and disciplined financial management, the agency explained.
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