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S&P lifts YanAn to CCC+
S&P said it raised the long-term issuer credit rating on YanAn Bicon Pharmaceutical Listed Co. to CCC+ from CCC.
The agency also said it removed the rating from CreditWatch, where it was placed with developing implications in November.
The outlook is negative.
The upgrades reflect a reduced risk of an immediate default owing to YanAn Bicon's refinancing of its puttable bonds in December 2018, the agency explained.
YanAn Bicon still faces significant liquidity risk, S&P said.
The company has sizable debt maturities over the next 12- to 24-months, the agency said, and it is expected to have negative free cash flows over the period.
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