Moody's affirms Agile Property

Moody's Investors Service said it affirmed Hong Kong-based Agile Property Holdings Ltd.'s Ba3 corporate family rating and senior unsecured bond rating following the successful closing of its $400 million bond issuance. Both ratings have had their provisional status removed.

The outlook is stable.

The agency noted that Agile recently sold about $245 million of new equity shares. In Moody's opinion, the share placement will - to a degree - help enhance the company's capital structure and liquidity and support its ongoing capital needs.

The core driver for upward rating pressure going forward remains the company's successful execution of its business plan, Moody's said, adding that this would lead to the setting of a sustainable track record in planned sales and demonstrate strong financial discipline.

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