Moody's rates Modern Land notes B2

Moody's Investors Service said it assigned a B2 rating to the renminbi-denominated senior notes proposed by Modern Land (China) Co., Ltd. and affirmed the company's B2 corporate family rating and B2 senior debt rating. The outlook is stable.

The proceeds from the proposed bonds will be used to fund the company's development of property projects and land purchases. The agency said the proposed notes will enhance Modern Land's liquidity and improve its debt maturity profile.

Modern Land's B2 corporate family rating continues to reflect its successful track record of generating stable sales through its niche market of developing comfortable and eco-friendly homes, Moody's said.

The rating also considers Modern Land's small scale and its exposure to market volatility, against the backdrop of its need to access capital to fund its rapid growth, the agency added.

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