Moody’s gives Hengda notes B2

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

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., Tianji, Scenery Journey and the bond trustee.

Proceeds will be used mainly for refinancing and general corporate purposes.

“The proposed bond issuance will provide Hengda and Tianji with additional liquidity and lengthen Hengda and Tianji's debt maturity profile, with limited impact on their credit metrics, because they will use the proceeds mainly to refinance maturing debt,” said Josephine Ho, a Moody's vice president and senior analyst, in a press release.

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