Moody’s revises Maoye to negative

Moody's Investors Service said it revised Maoye International Holdings Ltd.'s outlook to negative from stable.

The agency also affirmed Maoye's Ba2 corporate family rating and Ba3 senior unsecured bond rating.

"The change in outlook primarily reflects Maoye's higher than expected financial leverage for 2014," Moody's vice president and senior analyst Lina Choi said in a news release.

"The rating also incorporates our expectation that Maoye's financial leverage will remain elevated over the next 12-18 months in the absence of large-scale earnings and cash flow from its property business, given the challenging property market in China."

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