Moody's cuts Greentown China

Moody's Investors Service said it downgraded Greentown China Holdings Ltd.'s senior unsecured bond rating to B1 from Ba3, and affirmed its Ba3 corporate family rating.

The outlook remains negative.

The downgrade reflects increased legal and structural subordination risks, in view of the higher-than-expected secured and subsidiary debt-to-total assets ratio of 24% in June 2008, Moody's said.

The likelihood that this ratio will decline is low in the near term, the agency added.

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