Moody's downgrades CIFI

Moody's Investors Service said it downgraded CIFI Holdings (Group) Co. Ltd.'s corporate family rating to B1 from Ba3 and senior unsecured rating to B2 from B1.

The agency said it also changed the outlook to negative from ratings under review. These actions conclude the review for downgrade started on July 22.

"The rating downgrade reflects CIFI's weakened credit profile, driven by its declining property sales and reduced financial flexibility amid the difficult operating and funding conditions in China's property sector," said Cedric Lai, a Moody's vice president and senior analyst, in a press release.

"The negative outlook reflects a likely weakening of CIFI's liquidity buffer, given its reduced ability to raise sizable unsecured long-term funding," Lai added.

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