Moody’s rates CR Land securities Baa2

Moody's Investors Service said it affirmed China Resources Land Ltd.'s (CR Land) Baa1 issuer rating and the Baa1 senior unsecured rating on CR Land's bonds.

At the same time, Moody's assigned a Baa2 subordinated rating to the proposed subordinated perpetual securities to be issued by CR Land.

The company will use the proceeds of the proposed issuance to refinance its medium-term to long-term offshore debt that will come due within one year.

The outlook is stable.

“CR Land's Baa1 issuer rating reflects the company's sustainable business model, which is supported by its (1) national coverage and quality land bank focused on high-tier cities; (2) growing recurring income from its sizable investment property portfolio; and (3) strong funding access and operational synergies with its parent, China Resources (Holdings) Co. Ltd. (CRH),” said Celine Yang, a Moody's assistant vice president and analyst, in a news release.

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