Moody's revises RiseSun view to negative

Moody's Investors Service said it changed the outlooks on RiseSun Real Estate Development Co., Ltd. and RongXingDa Development (BVI) Ltd. to negative from stable.

The agency also affirmed RiseSun's Ba3 corporate family rating and B1 backed senior unsecured ratings to the dollar-denominated notes issued by RongXingDa and guaranteed by RiseSun.

"The negative outlook reflects RiseSun's weakened funding access to offshore capital markets, which will limit its financing and operational buffer over the next 12-18 months, as well as moderating interest coverage," said Kelly Chen, a Moody's assistant vice president and analyst, in a press release.

"At the same time, the rating affirmation reflects our expectation that RiseSun can manage its debt maturity and steadily increase contracted sales over the next 12-18 months," added Chen.

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