Moody’s views Bright Food negatively

Moody’s Investors Service said it revised its outlook for Bright Food (Group) Co., Ltd. and its subsidiaries to negative from stable but affirmed its Baa2 issuer rating. affirmed the Baa3 issuer rating of Bright Food International Ltd. (BFI) and the Baa3 senior unsecured rating of the bonds issued by Bright Food Singapore Holdings Pte. Ltd. and guaranteed by BFI.

"The negative outlook reflects our expectation that Bright Food's debt leverage, as measured by Moody's-adjusted debt/EBITDA, will remain elevated at around 8x-9x over the next 12-18 months, primarily driven by the weakening revenue and profitability of its property business," said Lina Choi, a Moody's senior vice president, in a press release.

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