Moody's assigns B2 to Zensun notes

Moody's Investors Service said it assigned a B2 backed senior unsecured debt rating to the proposed dollar-denominated notes to be issued by Zensun Enterprises Ltd. The notes will be guaranteed by Zensun Group Ltd.

Zensun will use the proceeds primarily to refinance debt, for project development and general corporate purposes.

"The proposed bond issuance, if completed, will have limited impact on Zensun's credit profile, given that the proceeds will mainly be used to refinance the company's existing debt," said Celine Yang, a Moody's assistant vice president and analyst, in a press release.

Moody's expects that the company will accelerate land acquisitions over the coming six-12 months, which will increase its debt funding needs. The outlook is negative.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.