Moody’s alters Greenland Global view to negative

Moody’s said it changed the outlooks for Greenland Holding Group Co. Ltd., Greenland Global Investment Ltd. and Greenland Hong Kong Holdings Ltd. to negative from stable.

Concurrently, Moody’s affirmed the companies’ ratings, including the Ba2 backed senior unsecured ratings on Greenland Global's senior unsecured notes, which are guaranteed by Greenland Holding and the Ba3 backed senior unsecured rating on Greenland Hong Kong's U.S. dollar notes.

"The negative outlook reflects our expectation that China's softening property and construction markets, as well as tight onshore funding and volatile offshore debt capital markets, would weaken Greenland Holding's credit quality and ability to raise new debt to meet its operational and refinancing needs over the next 12-18 months," said Kaven Tsang, a Moody's senior vice president, in a press release.

"However, the rating affirmation reflects our expectation that Greenland Holding will have sufficient liquidity to address its refinancing needs, maintain largely stable property sales and continue to deleverage over the next 12-18 months," added Tsang.

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