S&P cuts Zhenjiang Transportation

S&P said it downgraded Zhenjiang Transportation Co. Ltd. to B+ from BB-, citing low cash balances and deteriorating liquidity.

The agency cut the company’s senior notes to B+ from BB-.

“We also believe Zhenjiang Transportation's capital structure is not sustainable. We have therefore revised downward its stand-alone credit profile (SACP) to ccc+ from b,” said S&P in a press release.

S&P said it does see a very high likelihood of Zhenjiang municipal government support if the company suffers financial distress.

The outlook is negative.

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