Moody's rates Times China notes B1

Moody's Investors Service said it assigned a B1 rating to the proposed senior unsecured dollar-denominated notes to be issued by Times China Holdings Ltd.

The outlook is stable.

The proceeds from the proposed issuance will be used mainly to refinance existing debt and for general working capital purposes, the agency said.

The proposed notes will lengthen Times China's debt-maturity profile and will not materially affect the company's financial profile because a large portion of the proceeds will be used to refinance existing debt, Moody's said.

The ratings continue to reflect its growing operating scale, established brand and good track record of property development in Guangdong province, the agency said.

The ratings also consider into account the company's stable profit margins and strong liquidity profile, Moody's said.

The ratings are constrained by its geographic concentration in Guangdong province and exposure to the financing and execution risks associated with its fast growth business strategy, the agency said.

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