Moody’s downgrades Zensun

Moody’s Investors Service said it downgraded Zensun Group Ltd.’s corporate family rating to B2 from B1 and downgraded to B3 from B2 the backed senior unsecured rating on the notes issued by Zensun Enterprises Ltd. The outlook was changed to stable from negative.

“The downgrade reflects Zensun’s weak sales performance and cash collection that have been below our expectation and are unlikely to show material improvement in the next one to two years in view of its small land bank and tight credit conditions in China’s property sector,” said Celine Yang, a Moody’s assistant vice president and analyst, in the release.

The outlook reflects the expectation Zensun will maintain adequate liquidity and ongoing access to various onshore and offshore funding channels in the coming 12-18 months, the agency said.

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