Moody's gives Times Property notes B2

Moody's Investors Service said it assigned a definitive B2 rating to Times Property Holdings Ltd.'s $225 million 12 5/8% five-year senior unsecured notes due March 21, 2019.

The outlook is stable.

Moody's definitive rating on this debt obligation follows Times Property's completion of its dollar-denominated note issuance, the final terms and conditions of which are consistent with the agency's expectations.

The company plans to use the proceeds from the proposed issuance for debt refinancing, land acquisitions and project development and other general corporate purposes.

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