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Moody’s drops Golden Eagle to junk
Moody's Investors Service said it downgraded Golden Eagle Retail Group Ltd.'s issuer and senior unsecured ratings to Ba1 from Baa3.
The outlook is stable.
"The downgrade reflects our expectation that Golden Eagle's plan for a transition in its business will increase the volatility for both its business performance and its financial leverage," Moody's vice president and senior analyst Lina Choi said in a news release.
"Golden Eagle's increasing interest in property development, as highlighted by its plan to acquire a 51% stake in the Gate of the Orient in Suzhou for RMB 1.29 billion, represents a divergence from its traditional retail business model, and could materially reduce its operating stability."
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