Moody’s: Sunac China notes B3

Moody's Investors Service said it assigned a B3 senior unsecured rating to Sunac China Holdings Ltd.’s (B2 negative) proposed dollar-denominated notes.

The outlook is negative.

Proceeds will be used to refinance the company's existing debt.

"The proposed notes are unlikely to materially impact Sunac's debt leverage. They will, however, improve its debt maturity profile, because the proceeds will be used to refinance existing debt," Moody's vice president and senior credit officer Franco Leung said in a news release.

Specifically, the agency expects that any incremental debt from the proposed notes will not be material relative to Sunac's total reported debt of around RMB 113 billion at end-2016.

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