China Builder Logan Downgraded Deeper into Junk by Moody’s
- Logan’s China unit warns it faces temporary liquidity problems
- Moody’s highlights ‘elevated refinancing risks’ in a statement
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Chinese developer Logan Group Co.’s credit rating has been cut deeper into junk by Moody’s Investors Service on growing concern about the builder’s liquidity and access to funding.
Moody’s downgraded Logan’s corporate family rating two notches to B2 from Ba3, and the builder’s senior unsecured rating to B3 from B1. “Logan’s refinancing risks will be elevated, driven by its weakening liquidity due to its tight access to funding,” analyst Cedric Lai said in a statement.