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Prospect News home > News index > List of issuers V > Headlines for Vanke Real Estate (Hong Kong) Co. Ltd. > News item |
Moody’s rates Bestgain notes Baa2
Moody's Investors Service said it assigned a Baa2 rating to the dollar-denominated notes to be issued by Bestgain Real Estate Lyra Ltd. (Baa2 negative).
The rating is based on an unconditional and irrevocable guarantee provided by Vanke Real Estate (Hong Kong) Co. Ltd. (unrated), a wholly owned subsidiary of China Vanke Co., Ltd. (Baa1 negative).
The notes were issued under Bestgain’s $3.2 billion medium-term note program, which is rated provisional Baa2.
Proceeds will be used for general corporate purposes.
The program is supported by a deed of equity interest purchase undertaking and a keepwell deed between China Vanke, Vanke Real Estate and the bond trustee.
"The new issuance will improve China Vanke's debt maturity profile and provide the company funding to develop its business," Moody's vice president and senior credit officer Franco Leung said in a news release.
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