Moody's cuts Titan Petrochemicals to Caa3

Moody's Investors Service said it downgraded the corporate family rating of Titan Petrochemicals Group Ltd. to Caa3 from Caa1 and its senior unsecured bond rating to Ca from Caa2.

The outlook is negative.

This action follows Titan's news that it has appointed Goldman Sachs (Asia) Ltd. as its advisor in connection with a strategic review of its capital structure, the agency said.

The downgrade reflects the concern that such adverse developments could increase the probability of it defaulting on its bond obligations, leading to a low level of recovery under distress, Moody's 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.