Moody’s cuts Parkson, debt to B2

Moody's Investors Service said it downgraded Parkson Retail Group Ltd.’s corporate family and senior unsecured debt ratings to B2 from Ba3.

The outlook remains negative.

"The rating downgrade reflects that Parkson has failed to arrest the decline in its revenues and profitability, which has in turn weakened its financial profile to a level that matches its single-B-rated peers," Moody's vice president and senior credit officer Lina Choi said in a news release.

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