Moody's ups Hopson Development

Moody's Investors Service said it upgraded Hopson Development Holdings Ltd.'s corporate family rating to B3 from Caa1 and its senior unsecured rating to Caa1 from Caa2.

The outlook is negative.

"The ratings upgrade reflects Hopson's ability to use internal sources to repay the $350 million in senior notes which were due on Nov. 9. With this redemption, Hopson has no offshore debt maturing until 2016," Moody's analyst Jiming Zou said in a news release.

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