S&P cuts Oceanwide, notes

S&P said it lowered its long-term issuer credit rating on Oceanwide Holdings Co. Ltd. to CCC from B-.

At the same time, the agency lowered the long-term issue rating on Oceanwide's outstanding senior unsecured notes to CCC- from CCC+.

“We downgraded Oceanwide because we expect the company to face significant uncertainties over refinancing its large outstanding debt maturities, especially its $200 million senior notes due in July 2018 and $600 million senior notes puttable in August 2018,” S&P said in a news release.

“We believe the company currently has insufficient offshore cash and liquid assets to support the above repayments, and we view the prospects for refinancing as unclear at this stage.”

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