Moody's rates Lai Fung notes B1

Moody's Investors Service said it assigned a B1 rating to Lai Fung Holding Ltd.'s proposed renminbi-denominated senior notes and affirmed its B1 corporate family and senior debt ratings. The outlook is stable.

The proceeds will be used for general corporate purposes.

The agency said Lai Fung's B1 corporate family rating continues to reflect its stable rental income and CapitaLand Ltd.'s 20% equity interest.

However, the B1 rating is constrained by Lai Fung's weak track record in sales execution, small scale and geographic concentration in Shanghai and Guangzhou, where regulatory measures are strong, Moody's said.

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