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Moody's cuts Shanghai Zendai
Moody's Investors Service said it downgraded Shanghai Zendai Property Ltd.'s corporate family rating to Caa1 from B3 and its senior unsecured debt rating to Caa2 from Caa1.
The outlook is negative.
"The downgrade reflects Moody's concern over Zendai's slow progress in improving its contract sales, which were ¥1.4 billion in 1H 2011, representing 21% of its original budget for 2011, or 38% of its revised budget for 2011," Zou Jiming, a Moody's analyst, said in a news release.
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