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| Prospect News home > News index > List of issuers V > Headlines for VNET Group, Inc. > News item |
S&P lowers VNET to CCC, withdraws rating
S&P said it lowered its long-term issuer credit rating on VNET Group Inc. to CCC from B. The rating was removed from CreditWatch, where it was placed with negative implications.
S&P then withdrew the issuer credit rating at the company’s request.
The outlook was negative at the time of the withdrawal.
VNET faces “significant liquidity pressure,” S&P said, with VNET’s US$600 million convertible notes becoming putable on Feb. 1, 2024, should investors exercise the option.
“The company does not have the liquidity ready to address this maturity yet and has a relatively short window to obtain the necessary financing,” S&P said.
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