Tag: Longfor junk

LONDON: Moody's downgraded China's second-largest private property firm Longfor's credit ratings to Baa3, the lowest rung of investment grade, on Friday and put it "on review" for a further downgrade. "The rating downgrade reflects our expectation that Longfor's credit metrics and liquidity buffer will decline amid slowing contracted sales, continual margin pressure and still constrained funding access to the debt capital markets," said Kaven Tsang, a Moody's senior vice president. "The review for (another) downgrade reflects high uncertainties over the company's ability to improve its operating performance and...