E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
Published on 7/27/2010 in the Prospect News Emerging Markets Daily and Prospect News High Yield Daily.

Moody's gives Shimao bonds B1

Moody's Investors Service said it assigned a senior unsecured rating of B1 to Shimao Holdings Ltd.'s proposed senior unsecured Regulation S bonds.

Moody's said it has also affirmed Shimao's Ba3 corporate family rating.

The outlook is stable.

The bonds will rank pari passu with the company's other senior unsecured obligations, the agency said, noting that the bond rating has been lowered by one notch to reflect the risk of legal and structural subordination, as subsidiary and secured debt will still comprise more than 20% of the company's total assets.

Proceeds from the bonds will be used to pay down existing debt, to finance existing and new property development projects and to cover general corporate purposes, Moody's said.

"Shimao's Ba3 corporate family rating reflects the company's large-scale development, its diversified and well-located land bank, and its portfolio of quality investment properties," said Peter Choy, a Moody's vice president and senior credit officer, adding that, "the proposed bond issue will also improve its near term liquidity."


© 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.