Moody’s changes Yanlord view to negative

Moody’s Investors Service said it confirmed Yanlord Land Group Ltd.’s Ba2 corporate family rating and revised the outlook to negative from rating under review. In addition, Moody’s confirmed the Ba3 backed senior unsecured rating on the bonds issued by Yanlord Land (HK) Co., Ltd., a wholly owned subsidiary of Yanlord, and guaranteed by Yanlord. These actions follow Moody’s completing a review it started on Oct. 28.

“The ratings confirmation reflects our expectation that the newly acquired assets from United Engineers Ltd. (UEL) will improve Yanlord’s business diversification and underpin a recovery in its credit metrics over the next 12-18 months, from the weak levels estimated for 2019,” said Cedric Lai, a Moody’s vice president and senior analyst, in a press release.

“However, the negative outlook reflects the uncertainty around the company’s ability to execute on its ambitious deleveraging plan in the next 12-18 months,” added Lai.

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