Moody's downgrades Fineland

Moody's Investors Service said it downgraded Guangzhou Fineland Real Estate Development Co., Ltd.'s corporate family rating to Caa1 from B3 and the company's senior unsecured rating to Caa2 from Caa1.

"The downgrade reflects Fineland's heightened refinancing risks due to its weak liquidity and sizable debt maturities over the next six to 12 months," said Alfred Hui, a Moody's analyst, in a press release.

The agency warned it estimates that Fineland’s debts maturing over the next 12 months exceed its cash and operating cash flow.

The outlook remains negative.

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