Moody’s rates Pingan notes Baa3

Moody’s Investors Service said it gave Baa3 ratings to the planned drawdowns under Pingan Real Estate Capital Ltd.’s $1 billion medium-term note program. The agency assigned a provisional Baa3 rating to the program.

The program and notes will be supported by a keepwell deed and a liquidity support undertaking from Baa2-rated Ping An Real Estate Co. Ltd.

"PARE Capital's Baa3 issuer rating primarily reflects its standalone credit quality and a three-notch uplift based on our expectation that the company will receive support from PARE in times of stress," said Kaven Tsang, a Moody's senior vice president, in a press release.

The proceeds will be used to refinance debt and for general working capital.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.