Moody's rates China Overseas Land notes Baa1

Moody's Investors Service said it assigned a Baa1 senior rating to the proposed euro-denominated notes to be issued by China Overseas Land International (Cayman) Ltd. and guaranteed by China Overseas Land & Investment Ltd. (Baa1/stable).

The proceeds from the notes will be used to fund new and existing projects, to refinance existing debt and for general corporate purposes.

The agency said the proposed issuance will strengthen China Overseas' already strong liquidity and extend its funding access to the euro currency market.

At the same time, the issuance will expose the company to euro currency volatility, Moody’s added.

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