Moody's downgrades RiseSun

Moody's Investors Service said it lowered RiseSun Real Estate Development Co., Ltd.’s corporate family rating of to B1 from Ba3. The agency also downgraded to B2 from B1 the senior unsecured rating on the bonds issued by RongXingDa Development (BVI) Ltd. and guaranteed by RiseSun.

"The downgrade reflects RiseSun's expected weakening liquidity and increased refinancing risk over the next six to 12 months amid tight funding conditions and large debt maturity," said Kelly Chen, a Moody's assistant vice president and analyst, in a press release.

The outlook remains negative.

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