Moody's slices RiseSun

Moody's Investors Service said it lowered RiseSun Real Estate Development Co., Ltd.’s corporate family rating to Caa2 from B3. The agency also cut to Caa3 from Caa1 the backed senior unsecured rating on the bonds issued by RongXingDa Development (BVI) Ltd. that RiseSun guarantees.

On Thursday, RiseSun reported an exchange offer and consent solicitation for two dollar-denominated issues of senior notes due in January and April for a total principal of $780 million.

"The rating downgrades reflect RiseSun's heightened liquidity risk, following its proposed exchange offer and consent solicitation to its noteholders," said Kelly Chen, a Moody's assistant vice president and analyst, in a press release.

The outlook remains negative.

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