Moody's pares Powerlong

Moody's Investors Service said it downgraded Powerlong Real Estate Holdings Ltd.'s corporate family rating to Caa2 from Caa1 and senior unsecured rating to Caa3 from Caa2.

"The rating downgrades reflect Powerlong's heightened liquidity risk following its proposed exchange offer and consent solicitation to its noteholders," said Cedric Lai, a Moody's vice president and senior analyst, in a press release.

On Monday, Powerlong reported an exchange offer and consent solicitation to its bondholders for its dollar-denominated senior notes due in July and November.

The outlook remains negative.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.