Moody's rates Greentown China notes B2

Moody's Investors Service said it assigned a B2 rating to the proposed senior unsecured notes to be issued by Greentown China Holdings Ltd.

At the same time, Moody's affirmed Greentown's B1 corporate family rating and B2 senior unsecured ratings.

The outlook remains positive.

The company will use the proceeds from the notes issuance for refinancing short-term debt, funding capital expenditures and other general corporate purposes.

"The ratings primarily reflect Greentown's well-established market position in property development in Zhejiang Province, on the back of its sound brand name, quality products, and large land bank. The rating also factors in the company's improved financial profile and more prudent approach to financial management after the strategic investment by Wharf (Holdings) Ltd. (unrated)," Moody's assistant vice president and analyst Jiming Zou said in a news release.

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