Moody’s ups Renhe Commercial CFR to B3

Moody's Investors Service said it upgraded Renhe Commercial Holdings Co. Ltd.’s corporate family rating to B3 from Caa1 and changed the outlook to stable from negative.

The action follows Renhe Commercial's July 10 announcement that the company completed the disposal of its underground shopping malls in China to Apex Assure Ltd. (unrated) – a company wholly owned by Dai Yongge, who is also the controlling shareholder of Renhe Commercial – for a consideration of $1 billion in cash.

"The rating upgrade of Renhe Commercial reflects our expectation that the liquidity pressure experienced until now will undergo significant alleviation with the completion of the disposal," Dylan Yeo, Moody's analyst and the international lead analyst for Renhe Commercial, said in a news release.

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