Moody's downgrades Jiayuan International

Moody's Investors Service said it downgraded Jiayuan International Group Ltd.'s corporate family rating to Caa1 from B2.

Moody's also said it downgraded the senior unsecured rating of Jiayuan's dollar-denominated notes to Caa2 from B3.

The outlook is negative.

The downgrades reflect concerns that Jiayuan's access to funding will be impaired because of the recently sharp declines in the company's share price, Moody's said.

The agency said there's also risks due to the change in management control, which will likely undermine investor confidence.

These developments will increase refinancing risks for Jiayuan's maturing debt, including the $400 million of senior notes puttable in October 2019, Moody's said.

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