Moody’s lowers Yida China

Moody's said it downgraded to B3 from B2 the corporate family rating of Yida China Holdings Ltd.

At the same time, the agency downgraded to Caa1 from B3 the rating of the senior unsecured notes issued by the company.

The outlook remains negative.

“The rating downgrade reflects Yida's weak financial management and its heightened debt refinancing risk over the next 12-18 months amid tight credit conditions in China for small scale property developers,” Kaven Tsang, Moody's vice president and senior credit officer, said in a news release.

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