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 to refinance Greenland Holding's existing debt and for general corporate purposes, the agency said.

The new issuance will slightly extend Greenland Holding's debt-maturity profile and will not materially affect the company's financial profile, Moody's said.

Moreover, the proposed notes will have a limited impact on the company's leverage because the majority of the proceeds will be used to refinance existing debt, the agency said.

The ratings reflects the company'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 the company's ability to manage market volatility through diversified property product lines, the agency said.

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