Moody’s assigns B1 to Sunac’s notes

Moody’s Investors Service said it assigned a B1 senior unsecured rating to Sunac China Holdings Ltd.’s proposed dollar-denominated notes.

The B1 rating is a notch lower than the corporate family rating due to structural subordination risk, Moody’s said.

“The proposed bond issuance will lengthen Sunac’s debt maturity profile and will not have a material impact on its credit metrics, because it will mainly use the proceeds to refinance existing debt,” says Danny Chan, a Moody’s assistant vice president and analyst, in a press release.

Proceeds will be used to refinance debt.

The outlook is stable.

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