Moody's downgrades Zhongliang to B3

Moody's Investors Service said it downgraded Zhongliang Holdings Group Co. Ltd.'s corporate family rating to B3 from B2.

"The rating downgrade reflects Zhongliang's weakened liquidity and heightened refinancing risks driven by its weak operating cash flow and sizable debt maturities over the next 12-18 months," said Cedric Lai, a Moody's vice president and senior analyst, in a press release.

The agency also noted that Zhongliang's auditor indicated material uncertainty in the company's ability to continue as a going concern in its 2021 report.

The outlook remains negative.

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