S&P changes Yuexiu REIT view to negative

S&P said it changed the outlook on Yuexiu Real Estate Investment Trust to negative from stable.

“We revised the outlook on Yuexiu REIT to negative because the company's deleveraging has not progressed as we expected. In addition, the uncertainty of its leverage ratio recovering has increased due to the Covid-19 outbreak and macroeconomic adversities since last year, including the Chinese renminbi's depreciation,” said the agency in a press release.

S&P, however, affirmed the BBB- ratings on the trust and its guaranteed senior unsecured notes.

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