Moody's cuts Renhe to Caa1

Moody's Investors Service said it downgraded the corporate family and senior unsecured debt ratings of Renhe Commercial Holdings Co Ltd. to Caa1 from B3.

The outlook remains negative.

"The downgrade reflects the uncertainty over the sustainability of the company's business model, given its track record of weak sales execution and collection of receivables," Moody's assistant vice president and analyst Franco Leung said in a news release.

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