Moody's downgrades KWG

Moody's Investors Service said it downgraded KWG Group Holdings Ltd.'s corporate family rating to B2 from B1 and changed the outlook to negative from stable.

"The rating downgrade reflects KWG's weakening contracted sales and heightened refinancing risks due to its sizable debt maturities amid a tight funding environment," said Celine Yang, a Moody's vice president and senior analyst, in a press release.

KWG has about $900 million in offshore bonds due before the end of 2022.

"The negative outlook reflects our expectation that the company's operations and liquidity will weaken over the next 12-18 months," added Yang.

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