Moody's: No change 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 joint acquisition with Country Garden Holdings Co. Ltd. and R&F Properties of a site in Guangzhou at a total cost of RMB 25.5 billion. Agile's share of investment is about RMB 8.5 billion.

While Agile's investment amount is substantial, given its current business scale, the spread of the land payments over two years would partly mitigate the pressure on the company's liquidity, Moody's said.

Agile's recent fund raising activities - including a $300 million bond and a $150 million loan - and stronger-than-expected presales for the year also provide some support to the company's liquidity, the agency said.

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