Moody's: No change for Agile Property

Moody's Investors Service said it sees no immediate impact on Agile Property Holdings Ltd.'s Ba3 corporate family and senior unsecured debt ratings - or its positive outlook - from the company's acquisitions of a parcel of land in Guangzhou for RMB 4.3 billion.

This investment scale in a single site is considered substantial for Agile, and Moody's said it expects that the transaction will be largely funded by debt, including the proceeds from the recently proposed dollar-denominated bond.

The impact on its debt leverage and coverage positions will be moderate, the agency said, and its overall rating profile continues to compare favorably against its Ba3 peers.

Partly alleviating the concerns is the fact that the location of the site is good and Guangzhou is the base where Agile has established both strong brand equity and track record in residential housing development, Moody's said.

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