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Moody : Country Garden's proposed rights issue credit positive

08/29/2014 | 05:53am US/Eastern
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[ET Net News Agency, 29 August 2014] Moody's Investors Service said that Country Garden

Holdings Company Limited's (Ba2, stable)(03383) proposed rights issue is credit positive

but has no immediate rating impact.

This is the first major rights issue/share placement from a domestic property developer

in Moody's-rated portfolio since January 2013.

Country Garden has proposed a rights issue that is expected to raise around HK$3.18

billion, with the net proceeds estimated to be around HK$3.15 billion. The company intends

to apply all of the net proceeds to refinance its existing indebtedness and as general

working capital.

The rights issue is expected to be finalized on 15 October 2014.

"Country Garden's proposed rights issue is credit positive as it will lower its

leverage, which is in line with the company's deleveraging plans," said Franco Leung, a

Moody's Vice President and Senior Analyst.

"Although the expected improvements to its credit metrics are only marginal, this rights

issue shows that the company actively explores different funding channels other than debt

financing, and this will strengthen its access to its various funding channels," Leung

added. (KL)

(c) 2014 ET Net Limited. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

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