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Moody's alters Sunac outlook to stable
Moody's Investors Service said it affirmed Sunac China Holdings Ltd.’s Ba3 corporate family and B1 senior unsecured ratings and changed the outlook to stable from positive.
"The change in outlook to stable reflects our expectation that Sunac's credit metrics will likely not meet the thresholds required for a rating upgrade, given the challenging operating and funding conditions," said Kelly Chen, a Moody's assistant vice president, in a press release.
The agency said it expects Sunac's contracted sales to fall over the next six to 12 months, driven by weaker homebuyer confidence and tighter funding conditions that will hurt its operating cash flow and liquidity.
"The rating affirmation reflects our expectation that Sunac will have adequate liquidity to temper the risks associated with the difficult operating and financing conditions over the next six to 12 months," added Chen.
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