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Moody’s lowers HT Global
Moody’s Investors Service said it downgraded HT Global IT Solutions Holdings Ltd.’s corporate family rating and the senior unsecured rating on its $368 million of 7% senior notes due 2021 to B1 from Ba3. Moody’s also placed the ratings on review for further downgrade.
“The downgrade to B1 reflects the company’s exposure to refinancing risk for its bond due in July 2021 as capital market access remains uncertain for speculative-grade companies in the current economic environment,” said Sweta Patodia, a Moody’s analyst, in a press release.
HT Global’s $368 million bonds are due in July 2021. The company does not yet have definitive funding sources to address the upcoming maturity, Moody’s said.
“The review for downgrade reflects the possibility that we could further downgrade HT Global’s ratings, by at least one notch, if it fails to arrange for sufficient funds over the next three months to address its bond maturity,” added Patodia, who is also Moody’s lead analyst for HT Global.
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