S&P affirms Shandong Ruyi

S&P said it affirmed its B long-term issuer credit rating on Shandong Ruyi Technology Group Co. Ltd. (Ruyi) with stable outlook.

S&P also affirmed its B- long-term issue ratings on the senior unsecured notes issued by Prime Bloom Holdings Ltd., a wholly owned subsidiary of Ruyi. Ruyi unconditionally and irrevocably guarantees the notes of US$345 million and US$300 million.

“Our rating affirmation reflects our expectation that Ruyi's debt leverage will remain high, offset by the strong performance of SMCP, Ruyi's overseas fashion apparel subsidiary. We expect the company's EBITDA interest coverage to remain above 2.0x and its debt-to-EBITDA ratio to stay below 6.0x over the next 12-24 months,” S&P said in a news release.

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