Moody’s trims Yihua

Moody's Investors Service said it downgraded Yihua Enterprise (Group) Co., Ltd.'s corporate family rating to Caa1 from B3.

At the same time, Moody's downgraded to Caa2 from Caa1 the backed senior unsecured rating on the senior unsecured notes issued by Yihua Overseas Investment Ltd. and guaranteed by Yihua Group.

The outlooks for both Yihua Group and Yihua Overseas remain negative.

“The ratings downgrade reflects Yihua Group's heightened liquidity risk, following the legal action by a lender of the company freezing certain shares of the company's key subsidiary, Yihua Lifestyle Technology,” Ying Wang, Moody's vice president and senior analyst, said in a news release.

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