Moody's rates Agile securities Ba3

Moody's Investors Service said it assigned a Ba3 senior unsecured rating to Agile Group Holdings Ltd.'s proposed dollar-denominated senior perpetual capital securities.

The perpetual securities will be issued directly by Agile and rank pari passu with all of Agile's other present and future unsecured and unsubordinated obligations, Moody's said.

Agile will use the proceeds from the proposed bonds to refinance existing debt, the agency said.

The proposed perpetual securities will extend Agile's debt maturity profile and will not have a material impact on its credit metrics because the proceeds will mainly be used to refinance existing debt, Moody's said.

Agile's Ba2 corporate family rating reflects its strong track record of property development in Guangdong and Hainan provinces, disciplined financial management, adequate liquidity with good access to the offshore debt and banking markets and decent profitability, the agency said.

The ratings are constrained by the company's material exposure to Guangdong and Hainan provinces, impact of potential regulatory tightening on property sales in its key operating cities and execution risks associated with its fast expansion in property and new businesses, Moody's said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.