Moody’s turns Linyi City outlook to negative

Moody’s Investors Service said it revised its outlook for Linyi City Development Group Co., Ltd. to negative from stable and affirmed its Baa3 rating.

“"The outlook change to negative reflects our concern that the ministry of finance's administrative penalty to Linyi City Development and its auditor indicates weakness in the company's quality of financial information disclosures. In addition, the restatement of financial statements by the new auditor may change the company's financial profile from what was previously disclosed," said Kelly Chen, a Moody's vice president and senior analyst, in a press release.

"Such potential changes in Linyi City Development's financial profile could also affect the company's access to funding," Chen added.

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