Moody's: Shanghai Real Estate unaffected

Moody's Investors Service said its B1 corporate family and senior unsecured ratings for China-based Shanghai Real Estate will be maintained. This follows the company's announcement of a share placement and subscription of new shares by the major shareholder, Good Times Resources Ltd.

The outlook remains stable.

The new share subscription will bring in about HK$500 million of new money to the company that could enhance the company's near-term capital structure and liquidity and support its ongoing capital needs, Moody's said.

However, the agency added that the core driver for upward rating pressure going forward remains the company's successful execution of its business plan.

© 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.