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Moody’s rates Xinhu B2, notes B3
Moody's Investors Service said it assigned a B2 corporate family rating to Xinhu Zhongbao Co., Ltd. and a provisional B3 senior unsecured rating to the proposed dollar-denominated notes to be issued by Xinhu (BVI) Holding Co. Ltd., a subsidiary of Xinhu Zhongbao.
The proposed notes will be guaranteed by Xinhu Zhongbao.
The outlook is stable.
The company plans to use the proceeds for general corporate purposes, such as refinancing existing debt and replenishing working capital.
"Xinhu Zhongbao's B2 corporate family rating reflects the company's good track record in sales execution on residential properties in the Yangtze River Delta, and the higher-than-peer average gross profit margin for its property developments," Moody's vice president and senior credit officer Franco Leung said in a news release.
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