Moody’s lowers Kangde Xin

Moody's Investors Service said it downgraded to B1 from Ba3 the corporate family rating of Kangde Xin Composite Material Group Co., Ltd. and the backed senior bond rating of Top Wise Excellence Enterprise Co., Ltd.

The outlook is stable.

The actions conclude Moody's review for downgrade initiated on June 11.

"The downgrade reflects our concern that the continued trading suspension of KDX's shares will impede the company's ability to access the equity market for funding," Gloria Tsuen, Moody's vice president and senior analyst, said in a news release.

“KDX is still growing and it is investing in new business segments such as polymer materials. As a result, maintaining good access to funding – both equity and debt – is important.”

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