Moody's cuts Chinese property giant Longfor's ratings to cusp of junk
Moody's downgraded China's second-largest private property firm Longfor's credit ratings to Baa3, the lowest rung of investment grade, on Friday and put it "on review" for a further downgrade. China's property market has suffered a wave of defaults and debt restructurings since mid-2021 which have also left swathes of homes unfinished, undermining the confidence of both homebuyers and investors.
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