Moody's trims China Aoyuan

Moody's Investors Service said it trimmed China Aoyuan Group Ltd.'s corporate family rating to B2 from B1 and its senior unsecured ratings to B3 from B2.

The agency continues to place all the ratings on review for further downgrade.

"The ratings downgrade reflects China Aoyuan's increased liquidity risks, driven by its weakened access to funding and large near-term debt maturities," said Celine Yang, a Moody's vice president and senior analyst, in a press release.

"The review for downgrade reflects the uncertainty over the company's ability to address all its near-term debt maturities amid challenging funding conditions," added Yang.

The agency noted the company will have offshore bonds and loans maturing or becoming puttable before the end of December 2022, including a total of $688 million offshore bonds due in January 2022 and another $200 million bonds becoming puttable in June 2022.

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