Moody's downgrades Shimao

Moody's Investors Service said it downgraded the corporate family rating of Shimao Group Holdings Ltd. to Caa1 from B2 and changed the outlook to negative from ratings under review.

These actions conclude the rating review started on Jan. 10, the agency said.

"The downgrade of Shimao's CFR to Caa1 reflects the company's heightened liquidity risks over the next six to 12 months given the company's slower-than-expected fundraising progress to address its large upcoming debt maturities," said Celine Yang, a Moody's vice president and senior analyst, in a press release.

"The negative outlook reflects Shimao's weak debt-repayment ability over the same period," added Yang.

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