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Moody's downgrades Guangzhou R&F
Moody's Investors Service said it downgraded to B3 from B2 the corporate family rating of Guangzhou R&F Properties Co., Ltd. and to Caa1 from B3 the CFR of R&F Properties (HK) Co. Ltd.
The outlook is negative. This rating action concludes the review for downgrade on the two companies started on Sept. 3, the agency said.
"The downgrades reflect Guangzhou R&F's weak liquidity and high refinancing risks because of its sizable debt maturing over the next six to 12 months and its weakened access to offshore funding amid tight funding conditions," said Kaven Tsang, a Moody's senior vice president, in a press release.
"The negative outlook reflects uncertainty around the company's ability to generate enough cash flow amid tough business conditions to repay its maturing debts over the next six to 12 months, despite the company's focus on accelerating property sales and asset disposals," added Tsang.
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