Moody's affirms Shanghai Real Estate

Moody's Investors Service said it affirmed Shanghai Real Estate Ltd.'s Ba3 local-currency corporate family rating and provisional Ba3 foreign-currency senior unsecured bond rating following the company's decision to increase the size of its bond issuance to $200 million from $150 million. The outlook is stable.

Although the increased debt will slightly raise the company's projected leverage and weaken its corresponding debt service coverage metrics, it will help improve somewhat its debt maturity profile, the agency said.

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