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China Evergrande Group -- Moody's assigns B2 to Evergrande's proposed USD notes

Moody's Investors Service has assigned B2 senior unsecured ratings to the USD notes to be issued by China Evergrande Group (B1 positive). Evergrande plans to use the proceeds from the proposed notes to refinance existing indebtedness and for capital expenditures, with the reminder for general corporate purposes. "The proposed bond issuance will provide China Evergrande Group with additional liquidity and lengthen its debt maturity profile, while the impact on its credit metrics will be limited, because it will use a large portion of the proceeds to refinance debt, ," says Cedric Lai, a Moody's Vice President and Senior Analyst.