Moody’s cuts Shenzhen outlook

Moody's Investors Service said it changed its outlook on Shenzhen International Holdings Ltd.'s (SZIH) Baa3 ratings to negative from positive.

At the same time, the agency changed the outlook on the Baa2 rating of Shenzhen International’s subsidiary, Shenzhen Expressway Co. Ltd. (SZEC), to stable from positive.

Moody's affirmed the Baa3 issuer and senior unsecured ratings of Shenzhen International and the Baa2 issuer rating of Shenzhen Expressway.

"For SZIH, the change in outlook to negative primarily reflects our expectation that the company will face a potential weakening in government support, following the change in China's sovereign ratings outlook to negative from stable," Moody's assistant vice president and analyst Ivy Poon said in a news release.

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