Moody’s rates Future Land notes Ba2

Moody's Investors Service said it assigned a Ba2 senior unsecured rating to the proposed notes to be issued by New Metro Global Ltd. and to be guaranteed by Future Land Holdings Co., Ltd. (Ba2 stable).

Proceeds will be used mainly for Future Land Holdings' onshore real estate project development and to repay its existing debt.

"The proposed notes will provide term funding for Future Land Holdings to grow its business and improve its liquidity and debt maturity profile," Moody's vice president and senior credit officer Kaven Tsang said in a news release.

"The proposed notes will not have a material impact on Future Land Holdings' credit metrics, given that part of the proceeds will be used for refinancing and the proposed issuance is in line with our expectations on the company's funding plan for this year."

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