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Moody's rates KWG Property
Moody's Investors Service said it assigned a B1 rating to KWG Property Holding Ltd.'s proposed bond issuance and affirmed its Ba3 corporate family rating.
The outlook is stable.
The proceeds will be used to finance existing and new property projects.
The proposed bonds will improve KWG's liquidity, which will in turn help the company operate through the tight bank credit conditions likely to prevail in China in 2011, Moody's said.
Furthermore, the bonds will lengthen the debt maturity profile of KWG, the agency said.
On the other hand, KWG's credit metrics will be kept at the weaker end of the range for its rating level in the next 12 to 18 months, Moody's said.
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