Moody's rates Greentown China notes Caa1

Moody's Investors Service said it is reviewing Greentown China Holdings Ltd.'s B3 corporate family rating and Caa1 senior unsecured rating for upgrade.

The review follows Greentown's announcement that it will issue senior unsecured notes to refinance its debt.

At the same time, Moody's has assigned a Caa1 rating, which is also under review for upgrade, to Greentown's proposed dollar-denominated senior unsecured notes.

"If Greentown is successful in issuing the proposed notes, it will improve its liquidity profile and extend its debt maturity, which could eventually in turn lead to a more stable financial profile and could be positive for its ratings," Moody's analyst Jiming Zou said in a news release.

© 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.