Moody's assigns Ba1 to Seazen notes

Moody's Investors Service said it assigned a Ba1 senior unsecured rating to the proposed dollar-denominated notes to be issued by New Metro Global Ltd. and guaranteed by Seazen Holdings Co., Ltd.

New Metro is a wholly-owned subsidiary of Seazen, which is a 67.2%-owned subsidiary of Seazen Group Ltd.

“There is no notching for the Ba1 senior unsecured bond rating of the notes guaranteed by Seazen Holdings. Although most of the company's claims are at the operating subsidiary level, its diversified business profile — with cash flow generation across a large number of operating subsidiaries and different business segments, covering both property development and property investment — mitigates structural subordination risks,” Moody’s said in a press release.

Seazen Holdings plans to use the proceeds to refinance its medium to long term offshore debts that will become due within one year.

The outlook is stable.

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