Moody’s might cut Future Land

Moody's Investors Service said it placed on review for downgrade the Ba2 corporate family rating and Ba3 senior unsecured rating of Future Land Development Holdings Ltd., as well as the Ba2 corporate family rating of its key operating subsidiary, Seazen Holdings Co., Ltd.

At the same time, Moody's placed on review for downgrade the Ba2 backed senior unsecured rating on the bonds issued by New Metro Global Ltd. and guaranteed by Seazen.

All outlooks were changed to rating under review from stable.

“The review for downgrade reflects our concerns over the potential negative impact on Future Land Development and Seazen's reputation, operations and funding access, following the confirmation of the arrest of Mr. Wang Zhenhua, the two companies' largest shareholder and former chairman,” Kaven Tsang, Moody's senior vice president, said in a news release.

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