Moody’s lowers Tahoe to B2

Moody's Investors Service said it downgraded Tahoe Group Co., Ltd.’s corporate family rating to B2 from B1 and the backed senior unsecured rating to the notes issued by Tahoe Group Global (Co.,) Ltd. and guaranteed by Tahoe to B3 from B2.

Tahoe Group Global is a wholly owned subsidiary of Tahoe.

The outlook was changed to stable from negative.

"The ratings downgrade reflects our expectation that Tahoe's ability to deleverage over the next 12 to 18 months is slower than we had expected, while the refinancing pressure that it faces from its maturing onshore shadow banking loans and puttable onshore bonds has increased," Moody's senior vice president Franco Leung said in a news release.

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