Moody's: Gemdale bonds Ba3

Moody's Investors Service said it assigned a definitive Ba3 rating to the senior unsecured bonds issued by Gemdale International Holding Ltd., a wholly owned subsidiary of Famous Commercial Ltd.

At the same time, Moody's affirmed the Ba3 corporate family rating of Famous, a wholly owned subsidiary of Gemdale Corp.

The bonds are guaranteed by Famous and supported by a Deed of Equity Interest Purchase Undertaking and a Keepwell Deed between Famous, Gemdale and the bond trustee.

The outlook is stable.

"The Ba3 ratings reflect the credit fundamental of Famous, which incorporates a B2 standalone credit profile and a two-notch rating uplift, based upon financial and operational support provided by Gemdale," Moody's vice president and senior analyst Kaven Tsang said in a news release.

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