Moody’s gives Ba3 CFR to Golden Eagle

Moody's Investors Service said it assigned a Ba3 corporate family rating to Golden Eagle Retail Group Ltd. to replace the Ba3 issuer rating previously assigned to the group.

The outlook is negative.

Moody’s said the Ba3 corporate family rating is supported by (a) Golden Eagle's strong market position in affluent Jiangsu Province; (b) the benefits of its concessionaire model and its possession of self-owned properties; as well as (c) its adequate liquidity position.

At the same time, the ratings are constrained by its (a) small scale; (b) weak financial profile, given its expansion initiatives; (c) increased level of property development risk; and (d) high level of geographic concentration.

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