Moody's changes Honghua view to stable

Moody's Investors Service said it revised Honghua Group Ltd.'s outlook to stable from positive and affirmed the company's B1 corporate family and backed senior unsecured ratings.

"The change in outlook to stable from positive reflects the slower-than-expected improvement in Honghua's leverage, as measured by adjusted debt/EBITDA. We expect the ratio to stabilize at round 6x-6.5x over the next 12-18 months amid oil price volatility and a gradually recovering global economy. This level of leverage is consistent with its standalone credit profile," said Chenyi Lu, a Moody's vice president and senior credit officer, in a press release.

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