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Moody's lifts Hopson Development
Moody's Investors Service has today upgraded to B1 the corporate family rating and to B2 the senior unsecured debt rating on Hopson Development Holdings Ltd.
The outlook is stable.
This concludes a review for possible upgrade that began in February.
Moody's said Hopson's payment of its RMB 1.83 billion convertible bond in February has alleviated concerns about the company's refinancing risk, the major factor suppressing its corporate family rating to the B2 level.
Nevertheless, the company's aggressive land acquisition strategy and weak liquidity - given the material amount of unpaid land premiums and onshore refinancing needs for the coming 12 to 18 months - will continue to constrain its rating at the B1 level, the agency said.
Moody's said it expects Hopson's projected financial metrics will remain modest, as the company continues to draw on new debt to fund operations.
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