Moody's lowers Landsea

Moody's Investors Service said it lowered Landsea Green Management Ltd.'s corporate family rating to Caa2 from Caa1 and the company's senior unsecured rating to Caa3 from Caa2.

"The downgrade reflects Landsea's heightened default risk given its material debt maturities over the next six to 12 months, including its imminent offshore bonds that mature in October 2022. It also reflects our expectation of weak recovery prospects for creditors if the company were to default," said Daniel Zhou, a Moody's analyst, in a press release.

Landsea’s $165 million of 10¾% green senior notes are due on Oct. 21.

The outlook remains negative.

© 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.