Moody's: Kaisa unchanged

Moody's Investors Service said Kaisa Group Holdings Ltd.'s B1 corporate family and senior ratings will be unaffected by its proposed issuance of renminbi-denominated notes.

The company plans to use the proceeds for the partial prepayment of its 13½% dollar-denominated bonds due 2015.

The agency said Kaisa has been proactive in managing its capital structure and debt maturity profile. The proposed bonds follow the issuance of $550 million of notes in March and $500 million of notes in January, both of which aimed to reduce the amount of debt falling due in 2014 and 2015.

Moreover, the new notes will modestly reduce the overall cost of debt, as Kaisa will use the proceeds to repay debt with higher interest rates, Moody's added.

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