Moody’s views China Energy negatively

Moody’s Investors Service said it revised its outlook on China Energy Engineering Corp. Ltd. to negative from stable and affirmed its Baa1 rating.

"The negative outlook reflects CEEC's higher-than-expected leverage arising from capital expenditure in public-private partnership (PPP), build-operate-transfer (BOT) projects and new energy investments. We expect CEEC's leverage to remain high over the next 12-18 months due to its business transition to new energy operations, rendering company's deleverage plans challenging," said Yuting Liu, a Moody's vice president and senior analyst, in a press release.

The agency said it expects CEEC’s adjusted debt/EBITDA ratio to remain at about 9x over the next 12-18 months.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.