Moody’s reviews GCL New Energy

Moody's Investors Service said it placed the Ba2 corporate family rating of GCL New Energy Holdings Ltd. and the Ba3 senior unsecured rating on its dollar-denominated bond on review for downgrade.

"The review for downgrade reflects the likely reduced ability of GCL-Poly Energy Holdings Limited (not rated), the parent company of GCL New Energy, to provide extraordinary support to GCL New Energy in times of need," Moody's assistant vice president and analyst Ralph Ng said in a news release.

"Such concern follows the announcement that GCL Poly has entered into an agreement to sell its majority shares of a key subsidiary and substantial cash flow contributor, namely Jiangsu Zhongneng Polysilicon Technology Development Co., Ltd."

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