[ET Net News Agency, 14 November 2017] Moody's Investors Service said that Guangzhou
R&F Properties Co., Ltd.'s (02777) issuance of US$500 million notes due February 2023 has
no immediate impact on its Ba3 corporate family rating or on R&F Properties (HK) Company
Limited's B1 corporate family rating.
The ratings outlooks remain negative.
The notes will be issued by Easy Tactic Limited, a wholly-owned subsidiary of R&F
Properties (HK). The notes will also be guaranteed by R&F Properties (HK) and supported by
a keepwell deed and an equity interest purchase undertaking between Guangzhou R&F, R&F
Properties (HK), and the trustee.
R&F Properties (HK) is a wholly-owned subsidiary of Guangzhou R&F.
The bond proceeds will mainly be used to refinance existing debt and for general working
capital purposes.
"The new notes issuance will improve the company's liquidity and lengthen its debt
maturity profile," said Kaven Tsang, a Moody's Vice President and Senior Credit Officer.
(KL)