Moody’s cuts Greenland Hong Kong

Moody’s Ratings said it downgraded Greenland Hong Kong Holdings Ltd.’s corporate family rating to Ca from Caa2, the backed senior unsecured rating on Greenland Hong Kong MTN program to (P)C from (P)Caa3 and the backed senior unsecured rating on Greenland Hong Kong’s dollar-denominated notes to C from Caa3.

The outlook remains negative.

"The rating downgrade with a negative outlook reflects Greenland Hong Kong's weak liquidity with payment default, and our expectation of weak recovery prospects for the company's creditors," said Daniel Zhou, a Moody's assistant vice president and analyst, in a press release.

Moody’s said it also reviewed Greenland Holding Group Co. Ltd.'s Ca corporate family rating and Greenland Global Investment Ltd.'s C backed senior unsecured rating, and (P)C rating on its backed senior unsecured medium-term note program, through a rating committee. These ratings and the negative outlooks are unchanged.

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