S&P changes Elion Resources view

S&P said it revised the outlook on Elion Resources Group Co. Ltd. to negative and affirmed the B long-term corporate credit rating.

“We revised the rating outlook on Elion Resources to negative to reflect the uncertainty regarding the company's funding access following a recent technical default and misuse of bond proceeds,” the agency said in a news release.

“We expect Elion Resources to maintain normal operations in desertification control and other businesses in China, and to generally perform in line with our base-case assessment. However, the recent events indicate a deficiency in the company's internal controls.”

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