Moody’s: Yuexiu outlook to negative

Moody's Investors Service said it changed the outlook on Yuexiu Property Co. Ltd.’s ratings to negative from stable.

At the same time, the agency affirmed Yuexiu’s Baa3 issuer and senior unsecured ratings and provisional Baa3 senior unsecured medium-term note program rating.

"The negative outlook on Yuexiu Property's issuer rating reflects the deterioration in the company's credit metrics, and Moody's expectation that Guangzhou Yuexiu's financial profile and ability to provide support to Yuexiu Property will weaken, due to a material increase in Guangzhou Yuexiu's debt leverage," Moody's vice president and senior analyst Franco Leung said in a news release.

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