Moody's in 2024 maintained rating on Greenland as "highly speculative, or near default"

In July 2023, ratings agency Moody's downgraded its rating of Greenland Holding Group, the parent of Atlantic Yards developer (for now) Greenland USA, two notches from Caa2 to Ca, which it says is "highly speculative, or near default.

Was there any update? I recently checked.

On April 26, 2024, Moody's--the only ratings agency to assess Greenland, as S&P withdrew at the company's request, and Fitch withdrew "for commercial reasons"--affirmed that same rating in an update to the credit analysis.

The rating "reflects the company's weak liquidity with history of payment default, and our expectation of weak recovery prospects for Greenland Holding's bondholders," while acknowledging "the company's large operations with geographic and product diversification in China and weak financial metrics."

The rating outlook was negative, given that Moody's said it expected key metrics, such as the amount of debt and the ratio of earnings over interest, to worsen.

Greenland USA is expected to lose the rights to the six tower sites over the Vanderbilt Yard in a foreclosure process announced more than a year ago.

However, Greenland still seeks to get the Site 5 project, involving a shift of bulk from the unbuilt B1 tower across Flatbush Avenue, approved by New York State, and to partner with--or sell to--a company with the wherewithal to build. 

They could use the money.