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Moody's reviews Shimao for downgrade
Moody's Investors Service said it placed on review for downgrade the Ba1 corporate family rating of Shimao Group Holdings Ltd. The outlook before the review for downgrade was stable.
"The review for downgrade reflects our expectation that Shimao's contracted sales will fall over the next six to 12 months. It also reflects the uncertainty over the company's ability to secure new funding at reasonable cost to address its sizable onshore and offshore maturities amid the tight funding environment and weak market sentiment," said Celine Yang, a Moody's vice president and senior analyst, in a press release.
Shimao is expected to have enough internal cash to repay its near-term maturing debt, but the repayment will weaken its liquidity buffer and funding available for its operations over the same period, the agency said.
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