Moody’s cuts Parkson Retail, bond to Ba3

Moody's Investors Service said it downgraded Parkson Retail Group Ltd.’s corporate family rating and senior unsecured bond ratings to Ba3 from Ba2.

The outlook was revised to stable from negative.

"The rating downgrade mainly reflects Parkson's weaker than expected financial results in 2014 and our expectation that its profitability and financial leverage will remain weak over the next 12-18 months, given the challenging retail market conditions," Moody's vice president and senior analyst Lina Choi said in a news release.

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