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Published on 9/23/2019 in the Prospect News Emerging Markets Daily.

Moody’s assigns B2 to Zhenro notes

Moody’s Investors Service said it assigned a B2 rating to Zhenro Properties Group Ltd.’s proposed senior dollar-denominated notes.

Zhenro plans to use the proceeds from the proposed notes to refinance existing debt.

The B2 senior unsecured debt rating is a notch lower than that of the corporate family rating because of structural subordination risk, Moody’s said. This risk reflects the fact that the majority of Zhenro’s claims are at its operating subsidiaries and have priority over claims at the holding company in a bankruptcy scenario.

The outlook is stable.


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