Moody’s drops China Oriental to B2

Moody's Investors Service said it downgraded China Oriental Group Co. Ltd.’s corporate family rating and senior unsecured rating to B2 from B1.

The outlook is negative.

"The ratings downgrade reflects the increased level of refinancing risk facing China Oriental, given the approaching maturity of its $490 million bond in August 2015, its weak liquidity profile, and the persistence of the dispute on the public float issue between its two major shareholders," Moody's vice president and senior analyst Chenyi Lu said in a news release.

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