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S&P downgrades China Hongqiao
Standard & Poor’s said it lowered the long-term corporate credit rating on China Hongqiao Group Ltd. to BB- from BB.
The agency also said it lowered the long-term issue rating on the company’s senior unsecured notes to BB- from BB, along with the Greater China regional scale rating on the company and its notes to cnBB+ from cnBBB-.
The outlook is stable.
The agency said it expects China Hongqiao’s cash-flow leverage to deteriorate over the next 12- to 18-months due to more aggressive capital spending than previously expected.
Given the challenging industry conditions and the company’s higher-than-expected capital spending, S&P said it is lowering the company’s financial risk profile to aggressive from significant.
The company’s growth appetite is more aggressive than originally anticipated, the agency added.
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