Moody's: SPG Land could improve liquidity

Moody's Investors Service said that SPG Land (Holdings) Ltd.'s July 9 announcement of a consent solicitation could improve its liquidity.

At the same time, Moody's said it sees no immediate impact on SPG Land's B2 corporate family or B3 senior unsecured ratings.

The outlook remains negative.

"If SPG Land is successful in obtaining the necessary consent from bond holders and can then conclude its restructuring of the Wuxi Xindu project, it would reduce its payment obligations on shareholders' loans of about RMB 1 billion. Such a situation would in turn improve its liquidity," Moody's assistant vice president and analyst Franco Leung said in a news release.

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