Moody’s gives Redsun notes B3

Moody’s Investors Service said it assigned a B3 senior unsecured rating to Redsun Properties Group Ltd.’s planned dollar-denominated notes.

Redsun will use the proceeds to refinance debt.

“The proposed bond issuance will lengthen Redsun’s debt maturity profile and improve its liquidity without having a material impact on its credit profile, because the company will use the proceeds to refinance maturing debt,” Moody’s said in a press release.

The agency said it sees Redsun’s debt leverage, as measured by revenue/adjusted debt, at 50%-55% in the next 12-18 months from 55% for the 12 months that ended on June 30 as debt growth will likely offset revenue growth amid its debt-funded business expansion.

The outlook is positive.

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