Moody's cuts Coastal Greenland

Moody's Investors Service said it downgraded Coastal Greenland Ltd.'s bond rating to B3 from B2, along with its corporate family rating to B2 from B1.

The outlook remains negative.

The downgrade reflects the company's weaker-than-expected sales performance amid a challenging operating environment, Moody's said.

As a result, the company is unlikely to achieve its original business plan and generate sufficient cash flow to de-leverage its balance sheet, the agency said.

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