Moody's rates Greenland Hong Kong notes Ba3

Moody's Investors Service said it assigned a Ba3 rating to the proposed senior unsecured dollar-denominated notes to be issued by Greenland Hong Kong Holdings Ltd.

The outlook is stable.

The proceeds from the proposed issuance will be used to refinance existing debt, Moody's said.

The proposed note issue will not materially affect the company's financial profile and its Ba2 corporate family rating because the proceeds will be used to refinance existing debt, the agency said.

Greenland Hong Kong's Ba2 corporate family rating includes a two-notch rating uplift based on expectations that the company will receive strong support from Greenland Holding in times of need, Moody's added.

The company's standalone credit profile reflects its developing, but well-located, land bank and an expectation that it will grow in size through organic expansion and increased levels of operational integration with its parent, the agency said.

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