Moody's lowers Yango

Moody's Investors Service said it lowered Yango Group Co., Ltd.’ s corporate family rating to B2 from B1. The agency also downgraded the senior unsecured rating on the bonds issued by Yango Justice International Ltd. to B3 from B2.

Moody’s changed the outlook to negative from stable.

"The downgrade reflects our expectation that Yango's weakened funding access and likely reducing liquidity buffer over the next six to 12 months amid tight funding conditions and large debt maturity," said Celine Yang, a Moody's vice president and senior analyst, in a press release.

"The negative outlook reflects our expectation that Yango's contracted sales will fall over the next six to 12 months because of weaker consumer sentiment amid tight funding conditions, which will in turn lead to a deterioration in the company's liquidity," added Yang.

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