Moody's: No impact from Glorious' possible privatization

Moody's Investors Service said that the possible privatization of Glorious Property Holdings Ltd. would, if it occurs, be credit negative, but the agency sees no immediate impact on the company’s Caa1 corporate family or Caa2 senior debt ratings. The outlook remains negative.

On Feb. 2, trading in Glorious' ordinary shares on the Stock Exchange of Hong Kong was suspended pending the release of an announcement by the company regarding its possible privatization by its controlling shareholder.

"The possibility of privatization and privatization itself could reduce the company's financial flexibility by constraining its access to the capital markets," Gerwin Ho, a Moody's vice president and senior analyst, said in an agency news release.

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