Moody’s views Sino-Ocean negatively

Moody’s Investors Service said it revised its outlook for Sino-Ocean Group Holding Ltd. to negative from stable.

"The negative ratings outlook reflects Moody's expectation of Sino-Ocean's weakening property sales over the next 12-18 months, amid difficult operating conditions," said Cedric Lai, a Moody's vice president and senior analyst, in a press release.

The agency projects Sino Ocean's contracted sales will decline to around RMB 120 billion in 2022 and 2023, from around RMB 136 billion in 2021.

However, Moody’s affirmed Sino-Ocean’s Baa3 issuer rating, the Baa3 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 the Ba2 rating on the subordinated, guaranteed perpetual capital securities issued by Sino-Ocean Land Treasure III Ltd. and guaranteed on a subordinated basis by Sino-Ocean.

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