Moody's cuts Parkson Retail to Ba2

Moody's Investors Service said it downgraded Parkson Retail Group Ltd.'s corporate family rating and senior unsecured debt rating to Ba2 from Ba1.

The outlook is negative.

"The downgrade reflects the intensification of the structural challenges facing Parkson, including intense competition from other retailers, rising rents, and difficulties in ramping up new stores," Moody's vice president and senior analyst Alan Gao said in a news release.

"These negative developments, together with its aggressive store expansion strategy, will continue to pressure the company's profitability and credit metrics."

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