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Moody's slices Guangzhou R&F
Moody's Investors Service said it downgraded the corporate family ratings of Guangzhou R&F Properties Co., Ltd. to Caa2 from B3 and its subsidiary R&F Properties (HK) Co. Ltd. to Caa3 from Caa1.
"The rating downgrade of Guangzhou R&F following its proposed consent solicitation and tender offer to its noteholders, which is considered as distressed exchange," said Alfred Hui, a Moody's Analyst.
R&F Properties (HK) Co.’s downgrade reflects the company's heightened liquidity risk and the weakened ability of its parent to provide timely financial and operational support, the agency said.
The outlooks for both companies remain negative.
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