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Moody's downgrades Shimao
Moody's Investors Service said it downgraded Shimao Group Holdings Ltd.'s corporate family rating to Ba3 from Ba1. Shimao's CFR remains on review for further downgrade.
"The rating downgrade reflects Shimao's increased refinancing risk due to its constrained funding access and sizable debt maturities over the next six to 12 months," said Celine Yang, a Moody's vice president and senior analyst, in a press release.
Moody's said it forecasts Shimao's contracted sales will continue declining, which will further reduce the company's operating cash flow and, in turn, its liquidity.
"The review for downgrade reflects the uncertainty over the company's ability to raise new funding, through new borrowing or asset disposals, to manage its refinancing needs in the next six to 12 months," added Yang.
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