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S&P ups Oceanwide Holdings
S&P said it raised its long-term issuer credit rating on Oceanwide Holdings Co. Ltd. to CCC+ from CCC. The outlook is negative.
S&P also raised its long-term issue rating on the company's outstanding guaranteed senior unsecured notes to CCC from CCC-.
“We raised the rating because we expect Oceanwide to have stronger refinancing prospects in the next 12 months following its repayment of offshore senior notes totaling US$800 million in July and August 2018,” S&P said in a news release.
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