Moody’s changes Reward Science to negative

Moody's Investors Service said it changed Reward Science and Technology Industry Group Co., Ltd.'s outlook to negative from stable and affirmed its B1 corporate family rating.

At the same time, the agency assigned a definitive B1 rating to the $200 million 7¼% three-year senior unsecured notes due Jan. 15, 2020, issued by Reward International Investment Ltd. and guaranteed by Reward. The provisional rating was assigned on Jan. 12.

The outlook is negative.

"The change in ratings outlook to negative reflects the higher-than-expected volatility in Reward's operating performance, which raises uncertainty over the company's ability to manage down its debt leverage to a level appropriate for its B1 corporate family rating," Moody's vice president and senior analyst Gloria Tsuen said in a news release.

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