Moody’s assigns Sino-Ocean notes Baa3

Moody’s Investors Service said it assigned a Baa3 rating to the proposed senior unsecured notes to be issued by Sino-Ocean Land Treasure IV Ltd., a wholly owned subsidiary of Sino-Ocean Group Holding Ltd. The notes will be covered by an irrevocable and unconditional guarantee from Sino-Ocean.

The company plans to use the proceeds mainly to refinance debt.

“The proposed issuance will not have an immediate impact on Sino-Ocean’s Baa3 issuer rating or stable outlook, because the proceeds will be used by the company mainly to refinance existing debt,” said Cedric Lai, a Moody’s vice president and senior analyst, in a press release.

Sino-Ocean’s Baa3 issuer rating reflects its standalone credit strength and a two-notch uplift, based on Moody’s expectation that the company will receive strong support from China Life Insurance Co Ltd., its largest shareholder, in the event of financial distress.

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