Moody's cuts Glorious Property

Moody's Investors Service said it downgraded Glorious Property Holdings Ltd.'s corporate family rating to B3 from B2.

At the same time, Moody's said it downgraded Glorious' bond rating to Caa1 from B3.

The outlook is negative.

"The ratings downgrade reflects Moody's increased concern over the weak state of Glorious' financial management. Moody's estimates that the company has a high level of short-term loans at above 55% of its total debt that will mature in 2012, and this situation will in turn raise its near-term refinancing risk at a time when bank financing to the property sector remains tight," Moody's assistant vice president and analyst Kaven Tsang said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.