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Moody’s shifts Evergrande view to negative
Moody’s Investors Service said it changed the outlooks on China Evergrande Group, Hengda Real Estate Group Co. Ltd., Tianji Holding Ltd. and Scenery Journey Ltd. to negative from stable.
“The negative outlook reflects our concerns over Evergrande’s ability to materially reduce its high level of short-term debt, high debt leverage and still high proportion of trust loans in its total debt over the next 12-18 months,” said Cedric Lai, a Moody’s vice president and senior analyst, in a press release.
“In addition, the negative outlook also reflects our concern over its ability to improve its weakened profit margins amid deteriorating economic conditions and our negative outlook for the China property sector,” Lai said.
Moody’s also affirmed the companies’ ratings, including Evergrande’s B2 senior unsecured rating.
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