Moody's pares Powerlong

Moody's Investors Service said it lowered Powerlong Real Estate Holdings Ltd.'s corporate family rating to B3 from B2 and senior unsecured rating to Caa1 from B3.

The agency also changed the outlook to negative from rating under review and concluded its review started on March 25.

"The downgrade reflects Powerlong's heightened refinancing risks and weakened liquidity driven by its weak operating cash flow and sizable debt maturities over the next six to 12 months," said Cedric Lai, a Moody's vice president and senior analyst, in a press release.

"The negative outlook reflects the uncertainties over the company's ability to address its refinancing needs amid a tight funding environment," added Lai.

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