Moody's may cut China Glass

Moody's Investors Service said it put on review for possible downgrade the B1 corporate family rating and senior unsecured rating of China Glass Holdings Ltd.

The negative review is in response to news that China Glass is likely to experience a material decline in its profits for 2008, Moody's said.

While the magnitude of the decline is unknown, Moody's said it is concerned that the company's debt coverage metrics, which have been marginal for its rating and reflected in its existing negative outlook, will further deteriorate significantly.

China Glass was hit by a material rise in fuel costs and drop in product prices in 2008, the agency said.

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