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Moody's Downgrades Credit Ratings of CHINA OVERSEAS (00688.HK), LONGFOR GROUP (00960.HK)
Recommend 11 Positive 12 Negative 11 |
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According to the latest rating by Moody's, CHINA OVERSEAS (00688.HK) has been downgraded from 'Baa1' to 'Baa2'. At the same time, Moody's downgraded the ratings of unsecured senior bonds, issued by 6 subsidiaries of CHINA OVERSEAS and guaranteed or wholly guaranteed by CHINA OVERSEAS, from 'Baa1' to 'Baa2'. Moody's also downgraded the corporate family rating of LONGFOR GROUP (00960.HK) from 'Ba1' to 'Ba2' and its senior unsecured debt rating from 'Ba2' to 'Ba3', with the outlook remaining Negative. According to the rating agency, the downgrade is based on the expectation that LONGFOR's credit metrics and liquidity buffer will continue to weaken in the next one to two years, as well as its increased reliance on secured financing against the backdrop of a prolonged downturn in the property sector. AAStocks Financial News |
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