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| Prospect News home > News index > List of issuers Z > Headlines for Zhongrong Xinda Group Co., Ltd. > News item |
S&P cuts Zhongrong Xinda, notes
S&P said it lowered its long-term issuer credit rating on Zhongrong Xinda Group Co. Ltd. to B from BB-.
The outlook is negative.
The agency also lowered the rating on the dollar-denominated senior notes that the company guarantees to B from BB-.
“We lowered the rating because we expect Zhongrong Xinda's financial leverage to remain high, with a debt-to-EBITDA ratio of about 7.8x, over the next 12 months,” S&P said in a news release.
“The improvement in the company's EBITDA is unlikely to be sufficient to offset its significantly increased debt.”
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