Coastal Greenland assigned '(P)B1' CFR with stable outlook - Moody's |
|
|
|
Published
:
Mon, 22 Oct 2007 15:44
|
MUMBAI (Thomson Financial) - Moody's Investors Service said it has assigned a '(P)B1' corporate family rating to Coastal Greenland Ltd (CGL) to reflect CGL's exposure to the relatively high execution risk associated with rapid expansion against the backdrop of a volatile regulatory and operating environment.Moody's also assigned a '(P)B2' foreign currency senior unsecured rating to CGL's proposed bond issue.The outlook for both ratings is stable reflecting Moody's expectation that the company will successfully achieve its sales plan, and also expand its land bank and development business in a disciplined manner.The corporate rating also reflects the company's relatively aggressive capital structure with adjusted debt/capitalization ratio staying at around 55-60 pct over the medium term, Moody's added.The rating agency said the senior unsecured bond rating reflects legal and structural subordination risks, as CGL's secured and subsidiary debt-to-total assets ratio will continue to stay at over 20 pct in the medium term.Moody's cautioned that the rating could undergo a downgrade if CGL fails to execute its business plan;China's property market experiences a significant downturn or CGL materially accelerates development and executes an aggressive land acquisition plan without a corresponding increase in cash inflow.CGL is a Chinese property developer focusing on medium to high-end market residential and commercial property developments.tfn.newsdesk@thomson.comnet/pmiCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
|
|
|
|
|
|
|
| Stock
Quotes * |
|
NASDAQ
|
|
2389.09 |
+11.08 (
0.47 %)
|
| SYMBOL (
2010-03-17 ) |
| LAST |
CHANGE
|
|
RIO TINTO
(
12:35pm )
|
|
3766.99 |
+64.99 (
1.74 %)
|
|
KAZAKHMYS
(
12:35pm )
|
|
1532.00 |
+36.00 (
2.39 %)
|
|
LONMIN
(
12:35pm )
|
|
2016.00 |
+35.00 (
1.76 %)
|
| SYMBOL (
2010-03-17 )
|
| LAST |
CHANGE
|
| SYMBOL (
2010-03-17 )
|
| LAST |
CHANGE
|
|
|
Print this Story
Japan Finance Corp for Municipal Enterprises rated 'Aaa' - Moody's 