Moody’s downgrades Hilong to B1

Moody's Investors Service said it downgraded Hilong Holding Ltd.’s corporate family rating to B1 from Ba3.

The outlook is negative. This concludes Hilong's review for downgrade, which was initiated on Jan. 22.

"The rating downgrade and negative outlook reflect the negative impact on Hilong's revenue growth, profitability and liquidity position, which will be negatively affected over the next 12-18 months by the low and volatile oil prices," Moody's vice president and senior analyst Chenyi Lu said in a news release.

"They also reflect Hilong's increased financial leverage, which positions the company in the high B range."

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