Country Garden bonds boosted by upgrade

By Morgan Davis
21 Sep 2020

Country Garden Holdings Co saw its dollar bond prices spike on Friday following a ratings upgrade from Moody’s — a move that is set to allow the property developer expand its investor base and lower its funding costs.

Moody’s gave Country Garden a Baa3 issuer rating last Friday, while withdrawing its Ba1 corporate family rating. The company’s senior unsecured bond rating was likewise upgraded to Baa3 from Ba2. The Chinese firm’s outlook was revised to stable from positive.

The rating agency said that Country Garden ...

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