Moody’s rates Scenery Journey/Hengda notes B2

Moody's Investors Service said it assigned a B2 senior unsecured rating to the proposed notes to be issued by Scenery Journey Ltd. and guaranteed by Tianji Holding Ltd. (B2 positive).

The proposed notes will also be supported by a deed of equity interest purchase undertaking and a keepwell deed between Hengda Real Estate Group Co. Ltd. (B1 positive), Tianji, Scenery, and the bond trustee.

The proceeds will be used mainly for offshore debt refinancing by Hengda.

Moody's said it expects that the proposed notes issuance will slightly lengthen the debt maturity profile of Hengda and Tianji and will not materially affect the credit metrics of the two companies, because the agency expects that the proceeds from the issuance will be mainly used to refinance their existing debt.

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