[ET Net News Agency, 28 November 2019] Moody's Investors Service has downgraded GCL New
Energy Holdings Limited's (00451) corporate family rating to B3 from B2, and its senior
unsecured debt rating to Caa1 from B3.
The ratings outlook is changed to negative. This rating action concludes the ratings
review initiated on 16 August 2019.
"The downgrade reflects the heightened refinancing risk that GCL New Energy faces in the
absence of committed refinancing plans, with significant debt maturing over the next 14
months," said Ivy Poon, a Moody's Vice President and Senior Analyst.
Moody's estimated that GCL New Energy has close to RMB8.1 billion of debt maturing
between November 2019 and September 2020, plus USD$500 million of notes maturing in
January 2021. The company does not have sufficient internal financial resources to address
these large refinancing needs. (KL)
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03800 GCL TECH
Nominal 
1.120 +0.030 (+2.752%) Others
28/11/2019 18:01
Moody's downgrades GCL New Energy to B3; outlook negative
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