Moody's rates Agile Group notes Ba3

Moody's Investors Service said it assigned a Ba3 senior unsecured rating to the dollar-denominated notes to be issued by Agile Group Holdings Ltd.

The proceeds will be used to refinance existing indebtedness.

The proposed notes issuance will improve the company's liquidity and lengthen its debt-maturity profile, Moody's said, because the proceeds are expected to be used to refinance its short-term debt.

Agile's liquidity position is adequate, the agency added, reflecting its strong track record of property development in Guangdong and Hainan provinces, disciplined financial management, track record of equity injections, good access to the offshore debt and banking markets and low land costs, the agency said.

The rating is constrained by the company's material exposure to Guangdong and Hainan provinces, impact of potential regulatory tightening on property sales and execution risks associated with its fast expansion in property and new businesses, Moody's said.

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