Moody's revises Poly outlook to negative

Moody's Investors Service said it affirmed the Baa2 issuer rating on Poly Developments and Holdings Group Co. Ltd. and Baa3 issuer rating on its subsidiary, Hengli (Hong Kong) Real Estate Ltd., and changed the rating outlooks to negative from stable.

At the same time, the agency affirmed the Baa3 senior unsecured rating on the bonds issued Poly Real Estate Finance Ltd. and guaranteed by Hengli.

"The negative outlook reflects the uncertainties over Poly Developments' ability to achieve stable operating performance and restore its credit metrics commensurate with its current ratings over the next 12-18 months, amid uncertain recovery prospects for China's property market, as reflected in our negative outlook for the sector," said Kelly Chen, a Moody's vice president and senior analyst, in a press release.

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