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Moody's cuts Shanghai Real Estate bonds to B1
Moody's Investors Service said it downgraded to B1 from Ba3 Shanghai Real Estate Ltd.'s local currency corporate family and foreign currency senior unsecured bond ratings.
The outlook is stable.
The downgrade reflects Moody's expectation of the decreasing likelihood of the company achieving the debt service coverage metrics expected to support a Ba3 rating, given lower-than-expected contracted sales in first-half 2006 and rising uncertainty in its operating environment, due in turn to further regulatory steps to contain China's overheating property markets.
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