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Moody's rates Powerchina Real Estate notes Baa1
Moody's Investors Service said it affirmed Power Construction Corp. of China's (PowerChina) issuer rating of Baa1 and maintained the outlook at stable.
The agency also said it assigned a Baa1 senior unsecured rating to the proposed notes to be issued by Powerchina Real Estate Group Ltd., which is guaranteed by PowerChina.
The proceeds will be used for refinancing and offshore investment, Moody's said.
The outlook is stable.
The Baa1 rating of the proposed guaranteed notes reflects the guarantee from PowerChina and the fact that the securities will rank pari passu with all other senior unsecured obligations of PowerChina, Moody's said.
The issuing entity, Powerchina Real Estate, is a property development company which is 69.51% ultimately owned by PowerChina, the agency explained.
The proposed guaranteed notes will not materially increase PowerChina's overall debt level, Moody's said.
Instead, they will improve its liquidity and debt maturity profile, the agency said.
The company plays a key role in the domestic hydropower engineering and construction industry in China and is fully owned by the government, Moody's said.
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