Moody’s drops Imperial Pacific to Caa1

Moody's Investors Service said it downgraded Imperial Pacific International Holdings Ltd.'s corporate family rating to Caa1 from B3.

The outlook is negative.

At the same time, the agency withdrew the B2 senior secured rating on the proposed dollar-denominated bonds of Imperial Pacific International (CNMI), LLC, because the bonds were not issued as planned.

"The downgrade of Imperial Pacific's corporate family rating reflects our concern over the company's trend of weak operating cash flow," Moody's vice president and senior credit officer Kaven Tsang said in a news release.

"The downgrade also reflects our consideration that the high collection risk on the company's accounts receivables will unlikely improve further over the next 12-18 months."

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