Moody’s rates Greenland HK notes Ba1

Moody's Investors Service said it assigned a Ba1 rating to the dollar-denominated notes issued by Greenland Hong Kong Holdings Ltd. (Ba1 stable).

The outlook is stable.

The notes were issued under Greenland Hong HK’s $2 billion medium-term note program (provisional Ba1).

Proceeds will be used for general corporate purposes, the development of domestic projects and repayment of existing indebtedness.

"The new issue will provide Greenland HK with funding to develop its business and will improve its debt maturity profile" Moody's vice president and senior analyst Franco Leung said in a news release.

"We expect its key credit metrics to weaken in 2014 before improving in 2015."

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