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S&P lowers MIE Holdings
S&P said it lowered its long-term corporate credit rating on MIE Holdings Corp. to CC from CCC. The outlook is negative.
S&P also lowered the long-term issue rating on the company's outstanding senior unsecured notes to CC from CCC.
At the same time, S&P downgraded its Greater China regional scale rating on MIE and its notes to cnCC from cnCCC.
“We lowered the ratings following MIE's announcement of a cash tender offer for its senior unsecured notes due 2018 and 2019. We view the offer as a distressed exchange tantamount to an immediate default on conclusion because the offer is at a significant discount to the par value of the outstanding notes,” S&P said in a news release.
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