Moody’s changes Greenland Holding view

Moody's Investors Service said it changed to stable from negative the outlook on the ratings of Greenland Holding Group Co. Ltd. and its subsidiaries, Greenland Global Investment Ltd. and Greenland Hong Kong Holdings Ltd.

At the same time, the agency affirmed the Ba1 corporate family rating on Greenland Holding, the Ba2 backed senior unsecured ratings on Greenland Global's senior unsecured notes, the Ba2 corporate family rating on Greenland Hong Kong and the Ba3 backed senior unsecured rating on Greenland Hong Kong's dollar notes.

“The change in ratings outlook to stable from negative reflects our expectation that Greenland Holding will continue to deleverage, using its improving operating cash flow, which is in turn due to the company controlling its capital spending and working capital requirements over the next 1-2 years,” Danny Chan, Moody's analyst, said in a news release.

“And, Greenland Holding's improving credit metrics will position the company appropriately at the Ba1 corporate family rating level.”

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