Moody's cuts Greenland Holding

Moody's Investors Service said it downgraded Greenland Holding Group Co. Ltd.’s corporate family rating to Caa2 from B2, subsidiary Greenland Hong Kong Holdings Ltd.’s CFR to B3 from B2, its notes to Caa1 from B3 and slashed the backed senior unsecured rating of Greenland Global Investment Ltd.'s senior unsecured notes to Caa3 from B3

Moody's said it also changed all outlooks to negative from under review. This concludes its review for downgrade initiated on May 12.

"The downgrade reflects Greenland Holding's elevated liquidity risks, following its consent solicitation to extend the maturity of its offshore bond due in June 2022," said Daniel Zhou, a Moody's analyst, in a press release.

"The negative outlook reflects the uncertainty over the company's ability to address all its short-term debt maturities amid challenging operating and funding conditions," added Zhou.

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