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Moody's downgrades Redsun
Moody's Investors Service said it downgraded Redsun Properties Group Ltd.'s corporate family rating to Caa2 from Caa1 and the company's senior unsecured rating to Caa3 from Caa2.
"The downgrade reflects Redsun's heightened refinancing risks driven by its sizable debt maturities over the next six to 12 months, weak operating cash flow and further reduced liquidity," said Cedric Lai, a Moody's vice president and senior analyst, in a press release.
Redsun has $250 million of notes due in October and $455 million of notes due in April. The agency said it estimates the company does not have the cash or the operating cash flow to meet all its obligations in the next six to 12 months.
The outlook remains negative.
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