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Moody’s cuts Country Garden debt
Moody's Investors Service said it downgraded Country Garden Holdings Co. Ltd.'s senior unsecured rating to Ba2 from Ba1.
The outlook is stable.
The action concludes the review initiated on Oct. 27 following Moody's publication of its updated methodology.
The agency said the action reflects a view that the company's senior unsecured bond rating is lower than its corporate family rating by one notch because of the risk of structural and legal subordination.
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