Moody's slashes Sunac

Moody's Investors Service said it downgraded Sunac China Holdings Ltd.'s corporate family rating to Caa1 from B1 and senior unsecured ratings to Caa2 from B2.

"The downgrade reflects Sunac's heightened liquidity and refinancing risks given the company's tight funding access amid a challenging operating environment and its large upcoming debt maturities," said Kelly Chen, a Moody's assistant vice president and analyst, in a press release.

Sunac has eurobonds due in June and August.

The outlook remains negative.

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