Moody's rates Shimao bonds B1

Moody's Investors Service said it assigned a B1 rating to Shimao Property Holdings Ltd.'s $350 million of seven-year senior bonds and affirmed Shimao's Ba3 corporate family rating.

The outlook is stable.

The proceeds will be used to refinance the existing $250 million of notes due December 2011, Moody's said, and for land acquisitions and general corporate purposes.

Because the proceeds will be used to refinance existing debt, the new bonds have no material impact on the company's financial leverage, Moody's said.

The bonds will improve the company's debt maturity profile slightly, the agency said.

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