[ET Net News Agency, 28 July 2020] Moody's Investors Service has downgraded the
corporate family rating (CFR) of Fosun International Limited (00656) to Ba3 from Ba2.
At the same time, Moody's has downgraded the senior unsecured rating on the bonds issued
by Fortune Star (BVI) Limited to Ba3 from Ba2. The bonds are unconditionally and
irrevocably guaranteed by Fosun.
The outlook has been changed to negative from ratings under review. This rating action
concludes the review for downgrade initiated on 23 April 2020.
"The downgrade and negative outlook reflect Moody's expectation that Fosun's businesses
will continue to face a challenging operating environment amid the coronavirus-led
economic downturn, adding pressure to its weak liquidity, and leverage will remain
elevated over the next 12-18 months," said Lina Choi, a Moody's Senior Vice President.
(KL)
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00656 FOSUN INTL
Nominal 
4.390 +0.120 (+2.810%) Others
28/07/2020 17:30
Moody's downgrades Fosun to Ba3; changes outlook to negative
| Remark: | Real time quote last updated: 23/04/2024 17:59 |
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