Moody’s cuts New Metro bonds

Moody’s Investors Service said it downgraded New Metro Global Ltd.’s 4 5/8% senior unsecured bonds due Oct. 15, 2025 to B2 from B1. The bonds are guaranteed by Seazen Holdings Co. Ltd. Both companies are subsidiaries of Seazen Group Ltd. The agency revised the outlooks for the Seazen Group and New Metro to negative from stable.

Moody's also affirmed Seazen Group's B1 corporate family rating and the B2 senior unsecured rating on the bonds guaranteed by Seazen Group and issued by New Metro Global.

"The negative outlook reflects Seazen Group's weak contracted sales and uncertainties over the company's ability to improve its operations over the next 12-18 months, which will weaken its credit metrics and liquidity buffer," said Kelly Chen, a Moody's vice president and senior analyst, in a press release.

The downgrade on the bonds guaranteed by Seazen Holdings reflects the company's increased pledging of its investment properties, the agency explained.

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