S&P upgrades CAR

S&P said it upgraded its ratings for CAR Inc. and its senior unsecured notes to CCC+ from CCC.

“CAR Inc.’s refinancing gap should significantly narrow in 2021 following the completion of the company’s $175 million convertible bond issuance to MBK Partners Special Situations I LP,” S&P said in a press release.

CAR will issue five-year bonds with a 5% annual coupon and a conversion price of HK$4 per share. The conversion period starts after one year of the issuance. If MBK fully converts the bonds, it would boost its stake increase to 13.77%.

The outlook is positive.

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