Fitch downgrades Camposol

Fitch Ratings said it downgraded to B- from B the foreign- and local-currency issuer default ratings for Camposol Holding Ltd. and its wholly owned subsidiary, Camposol SA.

Fitch also said it downgraded Camposol 's $200 million senior unsecured notes to B-with recovery rating of RR4 from B with a recovery rating of RR4.

The outlook is stable.

The downgrades reflect the company's deteriorated credit profile, Fitch said.

Camposol's gross leverage is at more than 5x due to a weaker operating performance than initially anticipated and increased refinancing risk for its $200 million unsecured notes due Feb. 2, 2017, the agency said.

The ratings also consider Camposol's leading position in the Peruvian agribusiness industry as a producer of asparagus and avocado, Fitch said, along with its vertical integration and strategic location.

Fitch lowers China Shanshui

Fitch Ratings said it downgraded China Shanshui Cement Group Ltd.’s long-term issuer default rating and senior unsecured ratings to B- from B+.

The agency also said it removed the company from Rating Watch negative and assigned a negative outlook.

The recovery rating on the senior unsecured ratings remains at RR4.

The downgrades reflect the continued weak business environment and the company’s reliance on short-term financing, which could pressure liquidity, Fitch said.

The negative outlook considers a lack of visibility as to when the company will refinance its short-term debt with longer-term facilities, the agency added.

S&P lowers Glorious Property

Standard & Poor’s said it lowered the long-term corporate credit rating on Glorious Property Holdings Ltd. to CC from CCC-.

S&P also said it lowered the company’s long-term Greater China regional scale rating to cnCC from cnCCC-.

The agency also said it lowered the long-term issue rating on the company’s senior unsecured notes to C from CC, along with its long-term Greater China scale rating to cnC from cnCC.

The outlook is negative.

The downgrades follow the company’s disclosure of a series of overdue debt repayments that have not been completely remedied or waived, S&P said.

The company is in negotiations for renewals and extensions, the agency said, but no immediate repayments have been demanded.

This shows that Glorious continues to face difficulty in obtaining additional new and sufficient financing, S&P said, with a high probability that the company could default on its $300 million unsecured offshore notes due in October.

Fitch downgrades Kyiv, Kharkov

Fitch Ratings said it downgraded the city of Kyiv’s and the city of Kharkov's long-term foreign-currency issuer default ratings to C from CC.

Typically, the agency said it schedules reviews of local- and regional governments and sovereign ratings on an annual basis. The next scheduled review date for Kyiv was Sept. 18 and Oct. 23 for Kharkov.

However, the agency said it assessed the cities’ ratings following the downgrade of Ukraine's long-term foreign-currency issuer default rating Aug. 27.

The ratings on Kyiv and Kharkov are constrained by the sovereign, in line with the agency’s criteria, Fitch said.

S&P lowers Mongolian Mining

Standard & Poor’s said it lowered the long-term corporate credit rating and issue rating on the company’s senior unsecured notes on Mongolian Mining Corp. to CCC from CCC+.

The outlook is negative.

The downgrades reflect an expectation that the company’s cash balance will continue to deplete over the next six months because of sizable interest and debt maturities, S&P said.

The company’s cash balance will likely be insufficient to repay maturing debt and interest payments in the first half of 2016, barring substantial progress on the company’s bid for the news development of the Tavan Tolgoi coal field, the agency said.

Moody’s upgrades China Lesso to Ba1

Moody's Investors Service said it upgraded China Lesso Group Holdings Ltd.’s corporate family rating to Ba1 from Ba2.

The outlook is stable.

"The upgrade of China Lesso's rating reflects its sound track record of business execution and our expectation that the company will maintain its solid credit profile over the next 1-2 years," Moody's vice president and senior analyst Franco Leung said in a news release.

S&P: Greenko on positive watch

Standard & Poor’s said it placed the B long-term corporate credit rating on Greenko Group plc on CreditWatch with positive implications.

The agency also said it placed the B long-term issue rating on the senior secured notes issued by Greenko’s majority-owned indirect subsidiary Greenko Dutch BV on CreditWatch with positive implications.

Greenko guarantees the notes.

The rating watch follows news that GIC Pte. Ltd. is seeking majority ownership of Greenko, S&P said.

The agency said it believes GIC’s stake could lower Greenko’s cost of borrowings, provide greater clarity on financial policies and strengthen risk management practices.

GIC’s ownership may help Greenko to evolve its hedging polices and provide greater visibility over target leverage, S&P added.

Greenko’s execution track record has been good, even though its operating performance in 2015 is likely to be weaker than earlier expectations due to the delayed monsoon in India, the agency said.

Fitch rates AVIC bonds BBB

Fitch Ratings said it assigned an expected BBB rating to AVIC International Holding Corp.’s proposed bonds denominated in U.S. dollars.

The bonds are to be issued by AVIC International Finance Ltd. and unconditionally and irrevocably guaranteed by AVIC International.

The notes are rated at the same level as AVIC International’s senior unsecured debt rating as they represent direct, unconditional, unsecured and unsubordinated obligations of the company, Fitch said.

The agency said it notched AVIC International’s issuer default rating three levels below the internal assessment of the credit profile of its 62.52% parent, Aviation Industry Corp. of China (AVIC).

This reflects AVIC International’s strong linkages with its parent, Fitch said.

AVIC is of very high strategic importance to China’s national defense and is the backbone of China’s military and civilian aviation manufacturing industry, the agency said.

S&P rates China Car Funding

Standard & Poor’s said it assigned an A preliminary rating to the $300 million capped floating-rate secured notes due in 2020 that are to be issued by China Car Funding Investment 2015.

The proceeds will be used to purchase a dollar-denominated loan provided under a $300 million facility agreement, S&P said.

The key dependency of the rating is Bank of China Ltd. as the guarantor to the facility agreement collateralizing this transaction, the agency said.

Fitch rates Fibra Terrafina notes BBB-

Fitch Ratings said it assigned a long-term issuer default rating of BBB- to Cibanco, SA Institucion de Banca Multiple, Trust F/00939 (Fibra Terrafina), along with a local-currency issuer default rating of BBB- and an expected BBB- rating on its proposed senior unsecured notes.

The outlook is stable.

The total amount of the proposed unsecured notes issuance is expected to be about $400 million to $500 million range.

The proceeds from the proposed issuance will be used primarily to refinance existing debt, Fitch said.

The ratings reflect Fibra Terrafina’s portfolio profile, market position and growth strategy, the agency said.

The ratings also consider the business fundamentals driving Mexico’s industrial real estate segment, Fitch said.

Moody’s rates ICBC New Zealand program A1

Moody's Investors Service said it assigned a provisional A1 program rating to Industrial and Commercial Bank of China (New Zealand) Ltd.’s (A1 stable) retail medium term note program.

The outlook is stable.

The rating is aligned with the bank's existing A1 long-term issuer rating.

Moody’s said the bank’s ratings incorporate a very high probability of parental support, due to the existence of a guarantee provided by its parent, Industrial and Commercial Bank of China Ltd. (A1/stable/P-1).

Fitch rates Old Mutual Life notes AA(zaf)

Fitch Ratings said it assigned an expected rating of AA(zaf) to Old Mutual Life Assurance Co. (South Africa) Ltd.’s proposed issue of subordinated debt securities.

The notes are rated two notches below the company's national long-term rating of AAA(zaf) to reflect their subordination and moderate risk of non-performance, Fitch said.

The company’s proposed issue of subordinated notes will be issued with a 10-year, 12-year or 15-year maturity or a mixture thereof and will be callable after a period of five- to 10-years, the agency said.

They also could be composed of both fixed- and floating-coupons, Fitch said.

The notes include a mandatory interest deferral feature, which is triggered when the company's capital level falls below the regulatory capital requirement, the agency said.

Fitch said it expects leverage to remain low for Old Mutual Life’s rating category and its interest coverage will be strong.

Moody’s could lower China Oil and Gas

Moody's Investors Service said it placed China Oil and Gas Group Ltd.’s Ba1 corporate family rating and senior unsecured debt rating on review for downgrade.

"The rating review reflects continued weakness in COG's credit profile arising from regulatory-driven delays in implementing a cost pass-through," Moody's assistant vice president and analyst Ivy Poon said in a news release.

"The review is also prompted by heightened business risk associated with the company's upstream oil business, which has been negatively affected by the weak oil price environment."

"Accordingly, we expect COG's credit profile and financial metrics to weaken in 2015-2016 to levels that may no longer be consistent with the Ba1 rating," Poon added in the release.

Prior to this rating action, China Oil and Gas’ rating had a negative outlook, reflecting similar concerns.

Moody’s could drop Citic

Moody's Investors Service said it placed Citic Securities Co. Ltd.’s Baa1 foreign currency long-term issuer rating and P-2 foreign currency short-term issuer rating on review for downgrade.

The agency also placed the Baa1 long-term senior unsecured debt rating and the provisional Baa1 long-term senior unsecured medium-term note program rating assigned to Citic Securities Finance MTN Co., Ltd. on review for downgrade. Both notes are guaranteed by Citic Securities.

The action follows the Aug. 30 announcement by Citic Securities that several members of its senior management and employees of Citic Securities have been requested by Chinese police to assist in an investigation. Moody's believes that the ongoing investigation, the outcome and timing of which are highly uncertain, could increase the company's operating risk and deplete franchise value.

Moody’s might drop Light

Moody's Investors Service said it placed Light SA (Ba2/Aa3.br stable) and its wholly owned electricity distribution and generation subsidiaries Light Servicos de Eletricidade SA (Ba2/Aa3.br stable) and Light Energia SA (Ba2/Aa3.br, stable) under review for downgrade given a breach of covenants that was announced by the company on Aug. 13, immediately after the release of the second quarter 2015 financial results.

On Aug. 13, Light reported that in the second quarter it did not meet the financial covenants contained in the indentures of the outstanding debentures issued by Light Servicos and Light Energia. According to the indentures, debt acceleration can occur if the financial covenants are breached in two consecutive quarters, or on a non-consecutive basis over four quarters.

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