Moody's trims Sino-Ocean

Moody's Investors Service said it downgraded Sino-Ocean Group Holding Ltd.'s corporate family rating to Ba3 from Ba2. The agency also lowered to Ba3 from Ba2, the senior unsecured ratings on the bonds issued by Sino-Ocean Land Treasure Finance I Ltd., Sino-Ocean Land Treasure Finance II Ltd., and Sino-Ocean Land Treasure IV Ltd. and guaranteed by Sino-Ocean, and to B2 from B1, the subordinated, guaranteed perpetual capital securities issued by Sino-Ocean Land Treasure III Ltd. and guaranteed on a subordinated basis by Sino-Ocean.

"The rating downgrades reflect Sino-Ocean's deteriorated stand-alone credit profile, driven by its weak operating performance, low-profit margins and reduced financial flexibility," said Cedric Lai, a Moody's vice president and senior analyst, in a press release.

However, the agency noted Sino-Ocean continued to repay maturing debt using internal cash and funds raised through asset sales.

The outlook remains negative.

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