Moody's turns Redsun outlook to negative

Moody's Investors Service said it changed the outlook on Redsun Properties Group Ltd. to negative from stable and affirmed Redsun's B2 corporate family rating and B3 senior unsecured ratings.

"The negative outlook reflects our expectation that Redsun's contracted sales will fall over the next 6-12 months because of weaker consumer sentiment amid tight funding conditions, which will in turn lead to a deterioration in the company's financial metrics and liquidity," said Cedric Lai, a Moody's vice president and senior analyst, in a press release.

"The rating affirmation reflects our expectation that Redsun will proactively address its maturing debt amid the difficult operating and financing conditions over the next six to 12 months," added Lai.

As of June 30, 2021, Redsun had around $1.2 billion in offshore bonds maturing or becoming puttable before the end of June 2023.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.