Moody’s cuts Greenland Holding

Moody’s Investors Service said it lowered Greenland Holding Group Co. Ltd.’s corporate family rating to Ba2 from Ba1, Greenland Global Investment Ltd.’s senior unsecured notes to Ba3 from Ba2, Greenland Hong Kong Holdings Ltd.’s backed senior unsecured notes to B1 from Ba3 and its CFR to Ba3 from Ba2.

The agency also placed the ratings on review for further downgrade. The outlook was negative before the decision to conduct a review, Moody’s said.

"The downgrade reflects our expectation that Greenland Holding's credit metrics and liquidity will weaken over the next six to 12 months amid tight funding conditions and the company's large debt maturity," said Kaven Tsang, a Moody's senior vice president, in a press release.

"The review for downgrade reflects the uncertainty over the company's ability to generate enough operating cash flow to materially reduce its debt to more sustainable levels while maintaining ongoing access to funding and adequate liquidity, given the tight funding environment in the property sector," added Tsang.

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