Moody's Huayuan Property notes B2

Moody's Investors Service said it assigned a B2 senior unsecured rating to the dollar-denominated notes to be issued by Huayuan Property Co., Ltd.

The outlook is stable.

The proceeds of the notes will be used to refinance existing indebtedness.

The proposed note issuance will lengthen Huayuan Property's debt maturity profile and will not materially affect its credit metrics, since the proceeds will be used to refinance existing debt, Moody's said.

Huayuan Property's B1 corporate family rating reflects its long operating history and well-recognized brand in Beijing, as well as the company's good funding access, underpinned by its close linkage with the Beijing government, the agency said.

However, the ratings are constrained by its relatively small operating scale and volatile operating performance when compared with domestic rated peers, along with weakening credit metrics and increased execution risk, Moody's said.

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