Moody's downgrades Zhongliang

Moody's Investors Service said it downgraded Zhongliang Holdings Group Co. Ltd.'s corporate family rating to B2 from B1 and changed the outlook to negative from stable.

"The rating downgrade reflects Zhongliang's heightened refinancing risks because of its weakened funding access and sizable debt maturities over the next 12 months," said Cedric Lai, a Moody's vice president and senior analyst, in a press release.

"The negative outlook reflects our expectation that the company's operating and financial performance will weaken over the next 12-18 months amid a challenging operating environment," added Lai.

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