Moody's gives Evergrande, bonds B1

Moody's Investors Service said it assigned a first-time corporate family rating of B1 to Evergrande Real Estate Group Ltd.

At the same time, Moody's said it has assigned a provisional B1 rating to its proposed senior unsecured bond issuance.

The outlook is stable.

Proceeds from the proposed bonds will be used to fund Evergrande's land acquisitions, working capital requirements, and repayment of existing debt, Moody's said.

"The B1 rating takes into account Evergrande's position as one of the largest developers in China as measured by contracted sales and size of land bank," said Kaven Tsang, a Moody's AVP/analyst.

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