Moody’s drops Parkson Retail, debt to B3

Moody's Investors Service said it downgraded Parkson Retail Group Ltd.’s corporate family and senior unsecured debt ratings to B3 from B2.

The outlook remains negative.

"The rating downgrade reflects the continued deterioration in Parkson's profitability and cash flows, which has weakened its financial profile to a level that is more commensurate with a B3 rating," Moody's vice president and senior analyst Gloria Tsuen said in a news release.

"Parkson continues to face structural challenges in China's retail market and intense competition from online retailers. It has been rectifying its operations and business strategies, but these initiatives have yet to make a significant impact on its financial performance."

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