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S&P trims Sunshine 100 China to CCC
S&P said it lowered its long-term issuer credit rating on Sunshine 100 China Holdings Ltd. to CCC from CCC+ and placed the ratings on CreditWatch with negative implications.
“We downgraded Sunshine 100 because the company faces substantial refinancing risk given significant maturities over the next 12 months that amount up to Chinese renminbi (RMB) 10.6 billion as of end 2019. In particular, the company has a sizable bullet repayment of US$400 million in offshore notes and RMB 1 billion of domestic corporate bonds that are both due in September,” S&P said in a news release.
“Therefore, we have also placed the ratings on CreditWatch with negative implications.”
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