Moody's rates SPG Land Ba3, bond B1

Moody's Investors Service said it assigned a first-time Ba3 corporate family rating to SPG Land (Holdings) Ltd., along with a provisional B1 rating to its proposed dollar-denominated senior unsecured bond issue.

The outlook is stable.

The proceeds will be used for repayment of offshore loans and general corporate purposes, Moody's said.

The ratings reflect the company's well-located land bank - mainly in the affluent and fast-growing Yangtze River Delta - and its track record for developing large-scale housing and high-end integrated projects, the agency said.

The rating is constrained by the high execution and financing risk arising from the company's fast-growth plan, geographically concentrated operations and high debt leverage, Moody's added.

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