Moody’s cuts China Cinda

Moody's Investors Service said it downgraded the local-currency and foreign-currency long-term issuer ratings of China Cinda (HK) Holdings Co. Ltd. (Cinda HK) to Baa2 from Baa1. At the same time, the agency lowered the long-term backed senior unsecured debt ratings and the backed senior unsecured medium-term note (MTN) program ratings of Cinda HK's financing vehicles to Baa2 from Baa1 and to (P)Baa2 from (P)Baa1, respectively. Cinda HK guarantees these senior unsecured notes and programs.

The outlook on Cinda HK and its financing vehicles is negative. Previously, the ratings were under review for downgrade. Today's rating actions conclude Moody's review for downgrade that was started on Dec. 7.

The downgrades and negative outlook follow a similar action on Cinda HK’s parent China Cinda Asset Management Co., Ltd.'s issuer ratings to Baa1 from A3 on Friday, Moody’s said.

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