S&P affirms Oceanwide Holdings

S&P said it affirmed its CCC+ long-term issuer credit rating on Oceanwide Holdings Co. Ltd. and the CCC long-term issue rating on the company's outstanding senior unsecured notes.

The outlook remains negative.

“Our outlook on Oceanwide remains negative because we expect the company's liquidity to stay very tight with persistently high refinancing pressure,” S&P said in a news release.

“The company will have around Chinese renminbi (RMB) 34 billion in debt maturing in the next 12 months to September 2020, including notably the US$280 million putable in April and US$400 million senior notes due in July. It also has a RMB 4 billion onshore private bond putable in September 2020.”

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