Moody's: Longfor bond Ba3

Moody's Investors Service said it assigned a provisional Ba3 rating to Longfor Properties Co. Ltd.'s proposed bond issuance.

The agency also said it affirmed Longfor's Ba2 corporate family rating.

The outlook is stable.

The proceeds will be used to finance existing and new property projects and for general corporate purposes, Moody's said.

The proposed bonds are consistent with Longfor's funding plan in 2011 and will improve the company's liquidity and debt maturity profile against the tight bank credit conditions likely to prevail in China in 2011, said Kaven Tsang, a Moody's analyst.

The ratings reflect its established market position in China's property market and its fairly diversified land bank, the agency added.

The rating also considers its solid operating track record in its core markets - Chongqing, Chengdu and Beijing, Moody's said.

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