S&P cuts Sunshine 100

S&P said it downgraded Sunshine 100 China Holdings Ltd. to D from SD.

“We revised the rating because Sunshine 100 has not repaid principal and interest of about $52.4 million on its convertible bond as it originally planned after the initial miss. We believe this will likely lead to a general default by the company. After missing the maturity on Aug. 11, 2021, Sunshine 100 intended to repay the outstanding amount by Aug. 25, 2021, 10 business days from the original due date,” S&P said in a press release.

The agency said it does not see Sunshine 100 being able to repay its other obligations.

“We also believe that risk of creditors triggering cross-default provisions to seek accelerated repayments has heightened, given unsuccessful remediation plan. Management did not provide a new timeline, which offers little confidence and visibility to creditors,” S&P said.

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