Moody's rates Greenland notes Ba2

Moody's Investors Service said it assigned a Ba2 backed senior unsecured rating to Greenland Holding Group Co. Ltd.'s proposed dollar-denominated notes.

The outlook is negative.

The proposed notes will be issued by Greenland Global Investment Ltd. and unconditionally and irrevocably guaranteed by Greenland Holding under Greenland Global's $3 billion medium-term note program.

The proceeds will be used to refinance existing offshore debt and for general corporate purposes, Moody's said.

The proposed notes will improve Greenland Holding's debt maturity profile because it expects a significant amount of the net proceeds will be used to refinance the company's existing offshore debt, the agency said.

Moody's also said it expects the size of the new issuance will not be material relative to Greenland Holding's total debt and will not materially affect the company's debt leverage given its refinancing plans.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.