Moody's pares Powerlong

Moody's Investors Service said it lowered Powerlong Real Estate Holdings Ltd.'s corporate family rating to B2 from B1 and senior unsecured rating to B3 from B2.

The agency also placed the ratings on review for further downgrade. Previously, the outlook was stable.

"The downgrade reflects Moody's concerns over Powerlong's weakening access to funding and increased liquidity risks following its recent change in auditor as well as a likely delay in reporting its 2021 audited financials," said Cedric Lai, a Moody's vice president and senior analyst, in a press release.

"The review for downgrade reflects the uncertainty over Powerlong's access to funding and its ability to publish timely and credible audited financial statements," added Lai.

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