Moody’s changes China Jinjiang to negative

Moody's Investors Service said it revised the outlook on the Ba2 corporate family rating of China Jinjiang Environment Holding Co. Ltd. (CJE) and the Ba3 senior unsecured rating on its dollar-denominated bond to negative from stable.

At the same time, the agency affirmed the ratings.

"The negative outlook on CJE's ratings reflects the consideration that the company's credit metrics have weakened beyond our original expectations, mainly due to the planned outage of some of the existing operating capacity of its waste-to-energy (WTE) projects," Moody's assistant vice president and analyst Ralph Ng said in a news release.

"In addition, the company's accelerated pace of overseas expansion reflects the consideration that its aggressive appetite will increase regulatory and execution risks, which are incorporated in the negative outlook."

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