Moody’s downgrades Fosun

Moody’s Investors Service said it downgraded the corporate family rating of Fosun International Ltd. to Ba3 from Ba2.

At the same time, Moody’s downgraded the senior unsecured rating on the bonds issued by Fortune Star (BVI) Ltd. to Ba3 from Ba2. Fosun guarantees the bonds.

Moody’s changed the outlook to negative from ratings under review. This rating action concludes the review for downgrade started on April 23, the agency said.

“The downgrade and negative outlook reflect Moody’s expectation that Fosun’s businesses will continue to face a challenging operating environment amid the coronavirus-led economic downturn, adding pressure to its weak liquidity and leverage will remain elevated over the next 12-18 months,” said Lina Choi, a Moody’s senior vice president, in a press release.

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