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Moody's shifts Shimao outlook to stable
Moody's Investors Service said it changed Shimao Group Holdings Ltd.’s outlook to stable from positive. The agency also affirmed Shimao's Ba1 corporate family rating.
"The change in outlook to stable reflects our expectation that Shimao's credit metrics will likely not meet the thresholds required for a rating upgrade, given the challenging operating and funding conditions," said Celine Yang, a Moody's vice president and senior analyst, in a press release.
The agency said it sees Shimao's contracted sales falling over the next six to 12 months, driven by weaker homebuyer confidence and tighter funding conditions.
"The rating affirmation reflects our expectation that Shimao will have adequate liquidity to temper the risks associated with the difficult operating and financing conditions over the next six 12 months," added Yang.
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