S&P shifts Jingrui view to negative

S&P said it revised the outlook for Jingrui Holdings Ltd. to negative from stable.

“We revised the rating outlook on Jingrui to negative to reflect the uncertainty around growth in the company’s property development business in the next 12 months. This is because Jingrui has limited salable resources to support sustainable growth in sales and revenue. With the company’s continuing high debt, this could lead to worsening financial metrics. Jingrui’s high cash balance relative to its short-term debt tempers the risk,” said S&P in a press release.

The agency affirmed its B long-term issuer credit rating on the company and the B- long-term issue rating on its senior unsecured notes.

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