Moody's rates Greenland Global notes Ba2

Moody's Investors Service said it assigned a Ba2 rating to the proposed senior unsecured dollar-denominated notes to be issued by Greenland Global Investment Ltd.

The notes will be issued under Greenland Global's medium-term note program, which is unconditionally and irrevocably guaranteed by Greenland Holding Group Co. Ltd., Moody's said.

The outlook is stable.

The proceeds will be used mainly to refinance Greenland Holding's existing debt and for general working capital purposes, Moody's said.

The proposed notes will not increase Greenland Holding's debt leverage because the company plans to use the proceeds to repay existing debt, the agency said.

The ratings reflect Greenland Holding's track record of delivering strong growth in its property development business and leading market positions in key markets, Moody's said.

The ratings also consider its highly diversified geographic coverage in China and ability to manage market volatility through diversified property product lines, the agency said.

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