Moody's eyes Sino-Ocean for downgrade

Moody's Investors Service said it placed Sino-Ocean Group Holding Ltd.'s Baa3 issuer rating on review for downgrade.

The agency said it also placed on review for downgrade the Baa3 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., which Sino-Ocean guarantees, 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.

Moody's said it changed the outlook to ratings under review from negative.

"The review for downgrade reflects Moody's expectation that Sino-Ocean's operating performance and credit metrics will likely weaken over the next 12-18 months amid the challenging operating environment. These factors will pressure the company's Baa3 ratings," said Cedric Lai, a Moody's vice president and senior analyst, in a press release.

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