Moody's lowers Vesta

Moody's Investors Service said it announced that it has downgraded the rating of Vesta Investment Corp. Ltd. to A3 from Aaa.

This concludes the rating review for possible downgrade initiated on Jan. 9, the agency said.

Affected ratings include the company's floating-rate notes due Oct. 25 2011.

Repayment of the notes relies largely on cash flow generated by residential unit purchase receivables of two Singaporean real estate projects, Scotts Highpark and The Metropolitan Condominium, the agency said.

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