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S&P lowers Sound Global
Standard & Poor’s said it lowered the long-term corporate credit rating on Sound Global Ltd. to CCC from B.
The agency also said it lowered the rating on the company’s senior unsecured notes to CCC- from B-, along with its long-term Greater China regional scale ratings to cnCCC from cnBB- and on the notes to cnCCC- from cnB.
In addition, S&P said it placed all of the ratings on CreditWatch with negative implications.
The downgrades reflect a view that the company’s near-term liquidity will come under stress because of the heightened risk of an acceleration in the payments for its overseas debt, the agency said.
Sound Global may not have a sufficient cash balance to meet the payment acceleration, S&P said.
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