Fitch downgrades Fufeng

Fitch Ratings said it downgraded Fufeng Group Ltd.'s long-term issuer default rating and senior unsecured debt to BB- from BB.

The outlook is stable.

The downgrade reflects Fufeng's delay in deleveraging as a result of weaker profitability in its monosodium glutamate (MSG) operations and further capital expenditure plans, Fitch said.

The stable outlook reflects Fufeng's strong market position and moderate liquidity profile, the agency said.

The company benefits from economies of scale from its large capacity, Fitch said.

© 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.