[ET Net News Agency, 15 January 2020] Moody's Investors Service has today changed
the outlooks for Seazen Group Limited (01030) (formerly Future Land Development
Holdings Limited), Seazen Holdings Co., Ltd., and New Metro Global Limited to stable from
negative.
At the same time, Moody's has affirmed the following ratings:
* Seazen Group's Ba2 corporate family rating (CFR) and Ba3 senior unsecured rating;
* Seazen Holdings' Ba2 CFR, and
* The Ba2 backed senior unsecured rating for the bonds issued by New Metro Global
Limited and guaranteed by Seazen Holdings.
Seazen Holdings is a 67.1%-owned subsidiary of Seazen Group. The two companies are
collectively referred to as the Group.
"The change in outlooks to stable from negative reflects the companies' improving
liquidity and demonstrated ability to regain access to funding, after the arrest of Mr.
Wang Zhenhua, the largest shareholder and former chairman of the Group," said Kaven Tsang,
a Moody's Senior Vice President.
"The Group's strengthened liquidity, a result of strong contracted sales and the Group's
preemptive measures to preserve liquidity, will provide the companies with good headroom
to buffer against the risks that could arise from the criminal allegations against the
former chairman," added Tsang.
Moody's explains that the Group has made progress in improving its funding access over
the last 2-3 months, as seen by its issuance of USD bonds in December for refinancing, and
its ability to secure further new bank loans to support ongoing operations. (KL)