Moody's rates Golden Wheel notes B2

Moody's Investors Service said it assigned a provisional B2 senior unsecured rating to the proposed renminbi-denominated notes issuance of Golden Wheel Tiandi Holdings Co. Ltd.

The outlook is stable.

Golden Wheel plans to use the proceeds primarily to fund new property projects, and for general corporate purposes.

Moody's said it will remove the provisional status from the rating after Golden Wheel completes the issuance on satisfactory terms and conditions.

"The proposed notes will provide Golden Wheel the funding it needs to grow its investment property portfolio and expand its scale of property development," Moody's assistant vice president and analyst Franco Leung said in a news release.

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