Moody's cuts Hopson Development

Moody's Investors Service has downgraded the corporate family and senior unsecured ratings of Hopson Development Holdings Ltd. to Ba2 from Ba1.

The outlook is stable.

The downgrade reflects that Hopson's projected financial metrics over the next two years will be weaker than those Moody's had expected as a result of its rapid business expansion such that deleveraging is deemed unlikely.

Further, taking into consideration the company's capital expenditure and investment plans going forward, Moody's said the projected credit metrics will be more appropriate for a Ba2 rating.

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