China-based property development company Country Garden Holdings Co Ltd has been assigned "Ba1" corporate family rating (CFR) and senior unsecured rating by Moody's Investors Service.

According to The Edge Markets, Moody's also downgraded the rating outlook on Country Garden to negative, from "ratings under review".

The "Ba1" rating tells investors that Moody's believes that the borrower was just below investment grade, otherwise known as a "junk" status.

This meant that the research firm believed that bonds issued by the borrower will...