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S&P downgrades China Shanshui
Standard & Poor’s said it lowered the long-term corporate credit rating on China Shanshui Cement Group Ltd. to CCC from B+.
The agency also said it lowered the rating on the company’s outstanding senior unsecured notes to CCC- from B.
The agency also said it lowered the long-term Greater China regional scale ratings on the company to cnCCC from cnBB and the rating on its notes to cnCCC- from cnBB-.
The outlook is negative.
The ratings also were removed from CreditWatch, where they were placed with negative implications in April, S&P said.
The downgrade reflects a belief that the Hong Kong High Court’s appointment of receivership for 43.29% shareholding of China Shanshui Investment has already hurt the company’s financing ability and operation, the agency said.
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