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Moody's downgrades Helenbergh
Moody's Investors Service said it downgraded Helenbergh China Holdings Ltd.'s corporate family rating to Caa1 from B2 and the company's senior unsecured rating to Caa2 from B3.
"The ratings downgrade reflects Helenbergh's heightened liquidity risks in view of its weakened operations, constrained access to funding and sizable debt maturities over the next 12-18 months," said Alfred Hui, a Moody's analyst, in a press release.
The agency noted Helenbergh has about RMB 2.5 billion in bonds due in 2022 plus $350 million of bonds due in March and $270 million in bonds due in October 2023.
The outlook remains negative.
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