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Moody's revises Yuexiu REIT view to negative
Moody's Investors Service said it changed the outlook for Yuexiu Real Estate Investment Trust to negative from stable.
"The change in outlook to negative reflects our expectation that Yuexiu REIT's rental income will decline in 2020, and that its credit metrics over the next 12-18 months will be weak for its Baa3 issuer rating," said Celine Yang, a Moody's assistant vice president and analyst, in a press release.
Moody's expects Yuexiu REIT's revenue to decline by around 7% year-over-year in 2020 as weaker economic conditions in China weigh on occupancy rates and rental reversions over the next 12-18 months.
The agency affirmed the Baa3 ratings on the company and its senior unsecured notes.
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