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S&P: Far EasTone to negative
Standard & Poor’s said it revised the outlook on Far EasTone Telecommunications Co. Ltd. to negative from stable and affirmed its BBB long-term corporate credit rating.
As a result of the outlook revision, the agency also said it lowered the company’s long-term Greater China regional scale rating to cnA- from cnA.
The outlook on Far EasTone moves in tandem with the credit profile of the company’s parent, Far Eastern New Century Corp., S&P said.
The outlook revision reflects the likely weakening in the group’s credit profile following Far EasTone’s proposed corporate bond investment, the agency said.
The company’s ratio of debt-to-EBITDA is expected to rise to more than 5x in 2016 from its current level of 4.5x to 5x, S&P said.
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