Moody’s lowered corporate family rating for Country Garden Services to Ba1 from Baa3, with Negative outlook

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Moody’s has assigned a corporate family rating (CFR) of ‘Ba1’ to Country Garden Services and withdrawn its ‘Baa3’ issuer rating, with the rating outlook changed from Stable to Negative.

Considering the deteriorating credit profile of Country Garden and the common controlling shareholder and brand name of the two entities, the rating action reflects concerns about increased contagion risks from Country Garden, the rating agency said. 

The negative outlook reflects the uncertainty surrounding the service operations of Country Garden Services as well as the financial impact of Country Garden deteriorating credit profile, it said.