Moody's: YiTian notes P-3

Moody's Investors Service said it assigned a provisional P-3 rating to the credit enhanced notes to be issued by YiTian Holdings Ltd.

The notes will be supported by an irrevocable standby letter of credit from Bank of Shanghai Co., Ltd., Shenzhen Branch, Moody's said.

The rating on the notes addresses the expected loss posed to investors by the legal final maturity date, the agency said.

The provisional P-3 rating on the notes is based on the bank's counterparty risk assessment. The notes will be fully supported by an irrevocable dollar-denominated letter of credit, Moody's said.

The payment obligations on these notes at all times rank at least equal to all of its other present and future unsecured and unsubordinated obligations, the agency said.

The issuer is a wholly owned subsidiary of Shenzhen Yitian Group Co., Ltd., which is a leading commercial and residential property developer, owner and operator in China.

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