Moody’s downgrades Greenland

Moody's Investors Service said it downgraded Greenland Holding Group Co. Ltd. and its subsidiaries, Greenland Global Investment Ltd. and Greenland Hong Kong Holdings Ltd.

Moody’s also downgraded Greenland Holding's issuer rating to Ba1 from Baa3, then withdrew the rating. The agency also assigned to the company a Ba1 corporate family rating.

The agency also downgraded the rating on Greenland Global's senior unsecured dollar-denominated notes to Ba2 from Baa3.

Moody’s also downgraded Greenland Hong Kong's corporate family rating to Ba2 from Ba1, along with its senior unsecured dollar-denominated notes to Ba3 from Ba1.

The outlook on all of the ratings are negative.

The downgrades reflect the group's high debt leverage and weak credit metrics, which are expected to persist over the next 12- to 18-months, the agency said.

The debt at Greenland Holdings increased at a time when revenue declined due to a drop in property development revenue and reduced energy trading activities, Moody’s said.

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