Moody’s rates CCRE bonds B1

Moody's Investors Service said it assigned a B1 senior unsecured rating to the proposed dollar-denominated bonds to be issued by Central China Real Estate Ltd. (CCRE).

Proceeds will be used to refinance existing debt.

"The proposed bonds–which will be mainly used for debt refinancing–will not have a material impact on CCRE's credit metrics, but they will improve the company's liquidity and debt maturity profile," Kaven Tsang, a Moody's vice president, senior credit officer and lead analyst for CCRE, said in a news release.

The agency said the Ba3 corporate family rating reflects its leading market position and long operating track record in Henan Province, and also takes into consideration the company's track record of achieving stable growth in contracted property sales over the past five years.

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