Moody’s Cuts Glorious Property’s Corporate, Bond Ratings

Glorious Property Holdings Ltd. (845) had its corporate and bond ratings cut by Moody’s Investors Service because of refinancing risks, according to an e-mailed statement from the ratings company.

Moody’s lowered Glorious Property’s corporate family rating to B3 from B2, and downgraded the rating on company’s $300 million 13 percent bond due 2015 to Caa1, the statement said.

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