Moody’s gives Greenland Global notes Baa3

Moody's Investors Service said it assigned a provisional Baa3 senior unsecured rating to the medium-term note program of Greenland Global Investment Ltd., based on the unconditional and irrevocable guarantee of Greenland Holding Group Co. Ltd.

At the same time, the agency assigned Baa3 rating to the dollar-denominated notes to be issued under the program.

The outlook is stable.

Proceeds from the issue of each tranche of notes will be applied by Greenland Holding for investment in offshore projects in compliance with relevant regulations issued by the State Administration of Foreign Exchange.

"The MTN program will strengthen the company's liquidity and fund the company's business expansion," Moody's vice president and senior analyst Franco Leung said in a news release.

Greenland has undergone rapid business growth and has been active in land acquisitions. According to company information, the group spent about RMB 43 billion on land acquisitions in the first half of 2014, representing about 52% of its contracted sales in the same period and such expansion was partly funded by debt, the agency said.

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