Moody's sees China Resources negatively

Moody's Investors Service said it affirmed China Resources Land Ltd.'s (CR Land) Baa1 issuer rating and revised the outlook on CR Land to negative from stable.

At the same time, Moody's affirmed the (P)Baa1 senior unsecured rating on CR Land's medium-term note program, the Baa1 rating on CR Land's senior unsecured bonds and the Baa2 rating on its subordinated perpetual securities.

"The negative outlook reflects the uncertainties over CR Land's ability to achieve stable operating performance and credit metrics appropriate for its current rating level 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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