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S&P downgrades YY
Standard & Poor’s said it lowered the long-term corporate credit rating on YY Inc. to BB from BB+, along with its long-term Greater China regional scale rating to cnBBB- from cnBBB+.
The outlook is stable.
The downgrades are due to an expectation that the company’s profitability will further weaken over the next 24 months following a significant margin dip in 2015, S&P said.
The agency said it believes the company’s aggressive business expansion in the online real-time entertainment industry will squeeze the company’s EBITDA margin.
A material improvement in business conditions is not anticipated in the next 24 months, S&P added.
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