Moody’s drops Yingde Gases, bonds

Moody's Investors Service said it downgraded Yingde Gases Group Co. Ltd.’s corporate family rating to B3 from B2 and the senior unsecured rating on the bonds issued by Yingde Gases Investment Ltd. and guaranteed by Yingde Gases to Caa1 from B3.

At the same time, the agency placed both ratings on review for further downgrade.

"The downgrade to B3 of Yingde Gases' corporate family rating reflects the high liquidity risk that it faces, and the increasing probability of default on its offshore payment obligations, if there are no immediate actions securing concrete funding arrangements," Moody's vice president and senior analyst Gerwin Ho said in a news release.

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