| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers R > Headlines for Renhe Commercial Holdings Co. Ltd. > News item |
S&P downgrades Renhe
Standard & Poor’s said it lowered the long-term corporate credit rating on Renhe Commercial Holdings Co. Ltd. to SD (selective default) from CC.
The agency also said it lowered the ratings on the company’s $300 million 11¾% senior unsecured notes due 2015 and $600 million 13% senior unsecured notes due 2016 to D from CC.
S&P also said it lowered the company’s long-term Greater China regional scale ratings to SD from cnCC and on the notes to D from cnCC.
The agency said it downgraded Renhe following the company’s completion of a buyback of its outstanding senior unsecured notes at a substantial discount to their par value.
S&P said it considers the transaction to be a distressed exchange tantamount to an immediate default.
On Jan. 7, Renhe announced that it had completed the buyback offer of $221.291 million for its $300 million 11¾% senior unsecured notes due 2015 and $438.802 million for its $600 million 13% senior unsecured notes due 2016.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.