Moody's assigns China Resources bond Baa2

Moody's Investors Service said it assigned a first-time Baa2 issuer rating to China Resources Land Ltd., along with a Baa2 rating to its proposed dollar-denominated senior unsecured bond issue.

The outlook is stable.

The proceeds will be used for general corporate purposes, including the financing of both existing and new projects and working capital, Moody's said.

The ratings reflect the company's diversified and high-quality land bank, stable rental income from its investment property portfolio and the benefits it accrues as a key subsidiary of China Resources Holdings, a state-owned conglomerate under the China's state council, the agency said.

The unique combination of these attributes immunizes the company somewhat against the volatilities inherent in the Chinese property market, Moody's added.

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