Moody's trims Sino-Ocean

Moody's Investors Service said it downgraded Sino-Ocean Group Holding Ltd.'s corporate family rating to Ba2 from Ba1 and to Ba2 from Ba1 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.

Moody’s also cut to B1 from Ba3 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 downgrade reflects Sino-Ocean's weakened stand-alone credit profile, driven by its deteriorated funding access and reduced financial flexibility because of its increasing pledge of assets for financing and use of internal cash to repay maturing debt amid challenging operating conditions," said Cedric Lai, a Moody's vice president and senior analyst, in a press release.

The outlook remains negative.

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