Moody's: Wuhan Real Estate unaffected

Moody's said Wuhan Real Estate Development & Investment Group Co., Ltd.'s Baa3 issuer and senior unsecured ratings are unaffected by the company's announcement of a tap bond offering on its existing $430 million senior notes due 2021.

The outlook remains stable.

The proceeds from the proposed issuance will be used for the company's working capital and general corporate purposes.

“The issuance will have no impact on Wuhan Real Estate's ratings because the additional debt is within the amount expected by Moody's for the next 12-18 months,” Moody’s said in a news release.

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