Moody’s slashes Seazen Group

Moody’s Ratings said it downgraded New Metro Global Ltd. and guaranteed by either Seazen Group or Seazen Holdings Co., Ltd. to Caa2 from B3 and the group’s corporate family rather to Caa1 from B2.

The outlook remains negative.

"The downgrades and negative outlooks reflect Seazen Group's increasing refinancing risks due to its deteriorating liquidity, which is a result of its weak contracted sales and constrained funding access amid a sizable amount of maturing debt over the next 12-18 months. In addition, we consider the company to have weak liquidity management measures to address its near-term refinancing needs," said Kelly Chen, a Moody's vice president and senior analyst, in a press release.

Moody's also noted Seazen Group's auditor has indicated material uncertainties concerning the company's ability to continue as a going concern in its results announcement.

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