Moody's rates China Resources notes Baa2

Moody's Investors Service said it assigned a Baa2 senior rating to China Resources Land Ltd.'s proposed dollar-denominated senior notes issuance. Moody's affirmed the issuer rating of Baa2.

The outlook is stable.

The proceeds from the issuance will be used to fund China Resources' land acquisitions and general corporate purposes.

The proposed notes will provide more funding for China Resource Land's development projects and improve its debt maturity profile, the agency said. The issuance will not result in any material deterioration in the company's credit metrics.

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, the agency added.

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