Moody's downgrades Newland

Moody's Investors Service said it downgraded Newland International Properties, Corp.'s senior secured rating to Ca from Caa3 and changed the outlook to developing.

Moody's said the downgrade reflects the uncertainty of the final recovery for bondholders, which is expected to be significantly lower than the current balance of the bond. In addition, the restructuring process has taken longer than expected, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.