Moody's downgrades Jingrui

Moody's Investors Service said it downgraded Jingrui Holdings Ltd.'s corporate family rating to Caa2 from B3 and the company's senior unsecured ratings to Caa3 from Caa1.

"The rating downgrades reflect Jingrui's heightened liquidity risk, following its proposed exchange offer and consent solicitation to its noteholders," said Cedric Lai, a Moody's vice president and senior analyst, in a press release.

On Tuesday, Prospect News reported that Jingrui started soliciting consents for five series of notes to carve out any potential cross-default events arising from a default under its 12¾% notes due on March 1.

The outlook remains negative.

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