Moody’s rates Kaisa notes B2

Moody's Investors Service said it assigned a B2 senior unsecured rating to the proposed dollar-denominated notes to be issued by Kaisa Group Holdings Ltd.

Kaisa plans to use the proceeds to refinance its medium to long-term offshore debt due within one year.

“The proposed bond issuance will support Kaisa's liquidity and lengthen its debt maturity profile,” said Danny Chan, a Moody's assistant vice president and analyst, in a press release. “The issuance will not materially affect its credit metrics, because the company will use the majority of the proceeds to refinance existing debt.”

Kaisa reported 25.8% year-on-year contracted sales growth (together with its joint ventures and associates) to reach RMB 88.1 billion for the 12 months ended Dec. 31, from RMB 70.1 billion for the same period a year earlier.

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