Moody's rates Wuhan Real Estate notes Baa3

Moody's Investors Service said it assigned a first-time Baa3 issuer rating to Wuhan Real Estate Development & Investment Group Co., Ltd.

Moody's also said it assigned a Baa3 rating to the proposed dollar-denominated senior unsecured notes to be issued by the company.

The outlook is stable.

Wuhan Real Estate's Baa3 issuer rating considers its baseline credit assessment of Ba3, as well as the potential for support in times of stress, which results in a rating that is three-notches higher than its baseline credit assessment, Moody's said.

The ratings also consider the company's local government owner, which is not obliged to directly support the company's debt but is expected to if needed, the agency added.

The ratings also reflect the company's leading role in the shantytown renovation program of Wuhan city, Moody's added.

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