Moody’s views China Overseas negatively

Moody’s Investors Service said it revised its outlook for China Overseas Grand Oceans Group Ltd. (COGO) and its wholly owned financing unit China Overseas Grand Oceans Finance IV Cayman Ltd. to negative from stable.

“"The negative outlook reflects uncertainties over COGO's ability to restore its weakened credit metrics commensurate with its current ratings over the next 12-18 months, amid uncertain recovery prospects for China's property market, as reflected in our negative outlook for the sector," said Cedric Lai, a Moody's vice president and senior analyst, in a press release.

The agency also affirmed COGO’s Baa2 rating and the Baa2 senior unsecured rating on the bonds it guarantees.

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