Moody’s assigns B3 to Redsun

Moody’s Investors Service said it assigned a B3 rating to Redsun Properties Group Ltd.’s proposed senior unsecured dollar-denominated notes.

Redsun plans to use the proceeds to refinance debt and for general corporate purposes.

“The proposed bond issuance will have limited impact on Redsun’s credit metrics, because the proceeds will mainly be used to refinance its existing debt,” said Cedric Lai, a Moody’s vice president and senior analyst, in a press release. “The issuance will also improve the company’s liquidity position and lengthen its debt maturity profile.”

Redsun reported total contracted sales of RMB 65.1 billion for the 12 months ended Dec. 31. The result represented a 37.6% year-on-year growth from the RMB 47.3 billion recorded in the corresponding period a year ago.

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