Moody's downgrades Ronshine

Moody's Investors Service said it downgraded Ronshine China Holdings Ltd.'s corporate family rating to B3 from B2 and its senior unsecured ratings to Caa1 from B3.

The agency also changed the outlook to negative from ratings under review. This concludes its review for downgrade started on Oct. 19.

"The rating downgrade reflects Ronshine's weakened operations and increased refinancing risks because of its deteriorated funding access and sizable debt maturities over the next 12-18 months," said Alfred Hui, a Moody's analyst, in a press release.

"The negative outlook reflects the uncertainties around Ronshine's ability to address its debt maturities over the next six to 12 months," added Hui.

Ronshine has around $1.3 billion of offshore bonds and RMB 8.5 billion of onshore bonds maturing or becoming puttable in 2022.

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