Moody's revises Yuexiu view to negative

Moody's Investors Service said it changed the outlook for Yuexiu Property Co. Ltd. and its wholly-owned financing vehicle, Westwood Group Holdings Ltd. to negative from stable and affirmed the Baa3 issuer rating and the provisional (P)Baa3 senior unsecured rating on its medium-term note (MTN) program.

The agency also affirmed Westwood's provisional (P)Baa3 backed senior unsecured rating on its MTN program, which is guaranteed by Yuexiu Property, and the Baa3 backed senior unsecured ratings on the bonds issued by Westwood and guaranteed by Yuexiu Property.

"The negative outlook reflects the uncertainties over Yuexiu Property's ability to achieve stable operating performance and credit metrics to support its current ratings over the next 12-18 months, amid uncertain recovery prospects for China's property market, as reflected in our negative outlook for the sector," said Kaven Tsang, a Moody's senior vice president, in a statement.

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