Moody’s rates New Metro notes Ba2

Moody’s Investors Service said it assigned a Ba2 senior unsecured rating to the proposed dollar notes to be issued by New Metro Global Ltd., and guaranteed by Seazen Holdings Co., Ltd. (Ba2 stable).

The proceeds of the notes will be used by Seazen mainly to repay its existing debt.

“The proposed notes will provide term funding for Seazen to grow its business, as well as improve its liquidity and debt maturity profile,” Kaven Tsang, Moody's senior vice president, said in a news release.

“The notes will not have a material impact on the company's credit metrics, because Seazen will use the proceeds for refinancing.”

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