Moody's rates Evergrande bonds B2

Moody's Investors Service said it assigned a B2 rating to Evergrande Real Estate Group Ltd.'s proposed senior unsecured bonds.

Evergrande's B1 corporate family rating and B2 senior unsecured ratings were affirmed.

The outlook is stable.

The proceeds from the issuance will be used for refinancing the company's existing debt.

"The issuance will enhance Evergrande's liquidity to support its business growth," Moody's assistant vice president and analyst Franco Leung said in a news release.

"It will also lengthen the average tenure of Evergrande's debt portfolio as the proceeds will be mainly used for refinancing its existing debt, adding to the stability of its offshore funding platform."

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