Moody's lowers Yinchuan Tonglian

Moody's Investors Service said it downgraded to Ba2 from Ba1 the corporate family rating of Yinchuan Tonglian Capital Investment Operation Co., Ltd. Moody's also changed the outlook to negative from stable.

"The downgrade reflects the company's constrained access to funding with large upcoming debt maturities over the next 12 months, as well as reduced government cash payments. As such, Yinchuan Tonglian's overall credit profile is more in line with that of its Ba2 rated local government financing vehicle (LGFV) peers," said Roy Zhang, a Moody's vice president, senior analyst and lead analyst, in a press release.

"The negative outlook reflects the uncertainty around regional funding conditions and the company's ability to strengthen its funding access over the next 12 months," added Zhang.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.