Moody's rates Agile notes Ba3

Moody's Investors Service said it assigned its Ba3 rating to Agile Property Holding Ltd.'s proposed senior unsecured notes of up to $400 million. Moody's also said it affirmed Agile's Ba3 corporate family rating.

The outlook is stable.

Proceeds will be used to fund new land acquisitions and general corporate activities.

The rating factors in Agile's established position in the Pearl River Delta Region, particularly Zhongshan and Guangzhou, both of which have exhibited solid growth in past years, Moody's said. The company also has a long operating track record and strong brand equity in developing quality mid-to-high-end residential properties, the agency added.

The rating also considers the business and financial risks associated with its rapid expansion against the backdrop of an evolving operating environment, Moody's said.

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