Moody's lowers China Jinjiang

Moody's Investors Service said it downgraded China Jinjiang Environment Holding Co. Ltd.'s corporate family rating to Ba3 from Ba2 and the senior unsecured rating on its dollar-denominated bond to B1 from Ba3.

This concludes a review for downgrade that began in December, the agency said.

The outlook is negative.

The downgrades reflect the company's weakened credit profile due to challenges related to the outage of certain existing capacity, strained liquidity, increased overseas expansion and uncertainty surrounding the credit profile of its ultimate parent company, namely Hangzhou Jinjiang Group, Moody's said.

Because of these challenges, the credit profile of China Jinjiang is no longer consistent with the previous ratings, the agency said.

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