Moody’s cuts Sunac China to B2, debt to B3

Moody's Investors Service said it downgraded Sunac China Holdings Ltd.'s corporate family rating to B2 from B1 and senior unsecured ratings to B3 from B2.

The outlook is stable. This action concludes the review for downgrade initiated on Aug. 8.

"The ratings downgrade reflects our expectation that Sunac's low profitability and weak interest coverage are unlikely to improve materially in the next 12-18 months," Moody's vice president and senior credit officer Franco Leung said in a news release.

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