S&P cuts Oceanwide

S&P said it downgraded Oceanwide Holdings Co. Ltd. to CCC and its senior unsecured notes to CCC-.

“We lowered our ratings on Oceanwide Holdings Co. Ltd. to reflect the increasing repayment risk we perceive for the company's sizable near-term debt maturities. Notably, it has $280 million senior unsecured notes puttable on April 30, 2020, and $400 million senior unsecured notes due in July 2020,” said S&P in a press release.

In addition, S&P placed its Oceanwide ratings on CreditWatch with negative implications, which the agency aims to resolve by April upon the company's execution of refinancing plan and asset sales.

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