HK-listed Sunac China drops most since mid-Jan after Moody's downgrades

Sunac Services Holdings

14/02/2022 02:33

** Shares of Sunac China Holdings Ltd  1918.HK  drop 8.6% to
HK$10.04, their biggest daily pct decline since Jan. 13, and on
course to snap three consecutive sessions of gains
    ** Stock is biggest decliner in Hang Seng China Enterprises
Index  .HSCE , Hang Seng Composite Index  .HSCI  and index
tracking properties and construction stocks  .HSCIPC  
    ** Moody's downgrades Sunac's corporate family rating to B1
from Ba3, and the company's senior unsecured rating to B2 from
B1, and has changed its outlook to "negative" from "stable"
 urn:newsml:reuters.com:*:nFWN2UM0LK
    ** Moody's says the downgrade reflects Sunac's reduced
liquidity buffer due to its constrained funding access and
weakened operating cash flow 
    ** The negative outlook reflects potential further weakening
in its operating and financial performance over the next 12-18
months amid a challenging operating environment - Moody's
    ** Stock of property management services arm Sunac Services
 1516.HK  falls 5.8%  
    ** Hang Seng Mainland Properties Index  .HSMPI  drops 3.6%,
Hang Seng Composite Index on properties and construction stocks
 .HSCIPC  falls 2.3%
    ** Hang Seng China Enterprises Index  .HSCE  slips 1.8% and
and the benchmark Hang Seng Index  .HSI  slides 1.4%


 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))