Moody's rates New Metro 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 guaranteed by Future Land Holdings Co., Ltd.

The proceeds will be used mainly for Future Land's onshore real estate project development and repay its existing indebtedness, Moody's said.

The proposed notes will provide term funding for Future Land to grow its business and improve its liquidity and debt-maturity profile, the agency said.

The notes will not have a material impact on the company's credit metrics because Future Land will use part of the proceeds for refinancing, Moody's said.

The ratings also reflect its strong sales execution, growing scale and improving geographic diversification into other cities in the Yangtze River Delta, the agency said.

The ratings also consider its exposure to the regional economy of the Yangtze River Delta and its sizable business exposures to joint ventures, Moody's said.

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