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S&P cuts Kingboard to cnBBB+
Standard & Poor's said it affirmed its BBB- long-term corporate rating on Kingboard Chemical Holdings Ltd. The outlook is negative.
The agency said it also lowered the long-term Greater China credit scale rating on the company to cnBBB+ from cnA-.
The agency removed all the ratings from CreditWatch, where they were placed with negative implications on April 3.
"We affirmed the rating on Kingboard to reflect our view that the company is likely to restore its cash flow protection measures to levels that are appropriate for the rating based on its plan to reduce its debt levels over the next two years," said S&P credit analyst Jerry Fang in a news release.
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