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Modern Land (China) Co., Limited -- Moody's assigns B3 to Modern Land's proposed USD notes

Moody's Investors Service has assigned a B3 senior unsecured debt rating to Modern Land (China) Co., Limited's (B2 stable) proposed USD notes. The rating outlook for Modern Land is stable. Moody's estimates that Modern Land's leverage -- as measured by revenue/adjusted debt and including adjustments for its shares in joint ventures and associates -- will trend towards 60% over the next 12-18 months from 52% in 2018.