Moody's slices Zhenro

Moody's Investors Service said it lowered Zhenro Properties Group Ltd.'s corporate family rating to B3 from B1 and the company's senior unsecured ratings to Caa1 from B2.

Moody's also changed the outlook to negative from stable.

"The rating downgrade reflects Zhenro's heightened refinancing and default risks because of its weakened operations, deteriorated funding access and sizable debt maturities over the next 12 months," says Cedric Lai, a Moody's vice president and senior analyst, in a press release.

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

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