Moody’s cuts Jingrui, debt

Moody's Investors Service said it downgraded Jingrui Holdings Ltd.’s corporate family rating to B3 from B2 and senior unsecured rating to Caa1 from B3.

The outlook is negative.

"The downgrade reflects Jingrui's deteriorating liquidity profile, which will constrain the deployment of working capital and in turn affect project deliveries. Its operating profile will also remain weak over the next 12-18 months due to low gross margins and weak contracted sales," Dylan Yeo, Moody's analyst and lead analyst for Jingrui, said in a news release.

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