Moody's assigns China Overseas notes Baa1

Moody's Investors Service said it assigned Baa1 senior unsecured ratings to the proposed dollar-denominated senior notes to be issued by China Overseas Finance (Cayman) VIII Ltd. under its $2.5 billion medium-term note program, which the agency rates Baa1.

The notes will be guaranteed by China Overseas Land & Investment Ltd., which also is rated Baa1. Proceeds will be used to refinance debt.

"The proposed issuance will strengthen COLI's already strong liquidity and lengthen its debt maturity profile," said Kaven Tsang, a Moody's senior vice president and lead analyst on COLI, in a press release. "The proposed issuance will not materially affect COLI's financial metrics, because we expect that most of the proceeds will be used for refinancing."

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