Moody’s drops Golden Eagle, notes

Moody's Investors Service said it downgraded Golden Eagle Retail Group Ltd.'s issuer rating to Ba3 from Ba1 and changed the outlook to negative from stable.

At the same time, the agency downgraded and notched down the senior unsecured debt rating on Golden Eagle's dollar-denominated notes due 2023 to B1 from Ba1.

"The downgrade and outlook change reflect Golden Eagle's increase in debt leverage as it takes on property development projects from its acquisition of the Nanjing Global Era Group," Moody's vice president and senior credit officer Lina Choi said in a news release.

"At the same time, the company's core retail business remains sluggish and faces a high level of operating expenses against the backdrop of continued challenges in the retail environment and investments in new lifestyle centers."

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