Moody's revises Seazen view to negative

Moody's Investors Service said it revised the outlooks of Seazen Group Ltd., Seazen Holdings Co., Ltd. and New Metro Global Ltd. to negative from stable.

"The negative outlooks reflect Moody's expectation of Seazen's shrinking property sales and weakening credit metrics over the next 12-18 months, amid difficult operating and funding conditions," said Kelly Chen, a Moody's assistant vice president and analyst, in a press release.

Concurrently, Moody's affirmed Seazen Group’s Ba1 corporate family rating, its Ba2 senior unsecured rating, and the Ba2 backed senior unsecured rating on the bonds issued by New Metro Global and guaranteed by Seazen Group.

The agency also affirmed Seazen Holdings' Ba1 CFR and the Ba1 backed senior unsecured rating on the bonds issued by New Metro Global and guaranteed by Seazen Holdings.

"The rating affirmations reflect Seazen's good liquidity profile and the company's continuing rental income growth that will support its cash flow stability," added Chen.

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