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S&P puts Weibo on watch
S&P said it placed its BBB ratings on Weibo Corp. and its senior unsecured notes on CreditWatch with negative implications.
The placement follows news New Wave Holdings Ltd. plans to take Weibo’s parent SINA Corp. private. “We placed our ratings on Weibo on CreditWatch with negative implications because the privatization of SINA could result in a material increase in the consolidated group’s debt leverage. We currently equalize our ratings on Weibo with the group credit profile of SINA, given our view that Weibo is a core subsidiary of the group,” S&P said in a press release.
S&P said it plans to resolve the CreditWatch after shareholders vote on the privatization plan.
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