[ET Net News Agency, 22 January 2021] Moody's Investors Service has upgraded Seazen
Group Limited's (01030) corporate family rating (CFR) to Ba1 from Ba2 and its senior
unsecured rating to Ba2 from Ba3.
At the same time, Moody's has upgraded to Ba1 from Ba2 Seazen Holdings Co., Ltd.'s
(Shanghai code: 601155) CFR and the backed senior unsecured rating on the bonds issued by
New Metro Global Limited and guaranteed by Seazen Holdings.
All outlooks are stable.
Seazen Holdings is a 67.2%-owned subsidiary of Seazen Group, accounting for 99.6% of
Seazen Group's revenues in the first half of 2020 and 86.9% of its debt as of the end of
June 2020. The two companies are collectively referred to as "Seazen".
"The upgrade of the CFRs to Ba1 reflects Seazen's improved credit profile and our
expectation that Seazen will continue to grow its contracted sales and recurring income
with financial discipline, which in turn will allow it to maintain its strong credit
metrics and positions the two companies' CFRs at the strong end of the Ba rating level,"
said Kaven Tsang, a Moody's Senior Vice President.
"The upgrade also considers the fact that Seazen's cash flow stability and
debt-servicing ability will continue to improve on the back of growing rental income from
its investment property portfolio," added Tsang. (KL)