Moody’s cuts Hengdeli, bond to Ba3

Moody's Investors Service said it downgraded Hengdeli Holdings Ltd.’s corporate family rating and senior unsecured bond rating to Ba3 from Ba2.

The outlook is negative. The action concludes the review for downgrade initiated on Feb. 19.

"The downgrade of Hengdeli's ratings reflects our concerns over a rapid deterioration in the high-end retail watch market in China and Hong Kong, which has in turn lowered the company's revenues and weakened its credit metrics," Moody's vice president and senior credit officer Lina Choi said in a news release.

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