Moody's downgrades Sino-Ocean

Moody's Investors Service said it downgraded Sino-Ocean Group Holding Ltd.'s corporate family rating to Ca from Caa2.

At the same time, Moody's lowered to C from Caa3, the backed 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.

In a press release, Sino-Ocean said it suspended payments for all its U.S. dollar-denominated securities and warned creditors may demand to accelerate payments.

"The downgrade of Sino Ocean with a negative outlook reflects the company's weak liquidity and our expectation of weak recovery prospects for the company's bondholders," said Cedric Lai, a Moody's vice president and senior analyst, in a statement.

The outlook remains negative.

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