Moody’s downgrades Glorious

Moody’s Investors Service said it downgraded Glorious Property Holdings Ltd.’s corporate family rating to Caa3 from Caa1.

Moody’s also said it downgraded the company’s senior unsecured rating to Ca from Caa2.

The outlook is negative.

The downgrades follow a delay in the company’s announcement of its 2014 results, which now have been released with much weaker-than-expected liquidity and sales performance, Moody’s said.

The downgrades also reflect a heightened level of refinancing risk for the company, the agency said.

Moody’s also said it is concerned about the company’s high risk of default.

The company’s ability to refinance the bond due October 25, 2015 has been weakened substantially by the set of very poor results for 2014, the agency said.

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