Moody's changes BIM outlook to negative

Moody's Investors Service said it changed its outlook on BIM Land JSC to negative from stable and affirmed B2 ratings on the company and its dollar bond. The bond is guaranteed by most of BIM Land's subsidiaries.

"The change in outlook to negative reflects our expectation that BIM Land's liquidity buffer will reduce over the next 12-18 months as the cash collection cycle lengthens amid a tougher business environment. At the same time, tightened credit conditions in Vietnam will increase refinancing risk for the company's upcoming debt maturities, which include a VND 1 trillion domestic bond maturing in January 2024," said Yu Sheng Tay, a Moody's analyst, in a press release.

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