Moody’s upgrades Seazen

Moody’s Investors Service said it upgraded Seazen Group Ltd.’s corporate family rating to Ba1 from Ba2 and its senior unsecured rating to Ba2 from Ba3. Simultaneously, Moody’s lifted to Ba1 from Ba2 Seazen Holdings Co., Ltd.’s CFR and the backed senior unsecured rating on the bonds issued by New Metro Global Ltd. and guaranteed by Seazen Holdings.

“The upgrade of the CFRs to Ba1 reflects Seazen’s improved credit profile and our expectation that Seazen will continue to grow its contracted sales and recurring income with financial discipline, which in turn will allow it to maintain its strong credit metrics and positions the two companies’ CFRs at the strong end of the Ba rating level,” said Kaven Tsang, a Moody’s senior vice president, in a press release.

“The upgrade also considers the fact that Seazen’s cash flow stability and debt-servicing ability will continue to improve on the back of growing rental income from its investment property portfolio,” added Tsang.

All outlooks are stable.

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