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Moody's downgrades Shandong Ruyi
Moody's Investors Service said it downgraded Shandong Ruyi Technology Group Co., Ltd.'s corporate family rating to Caa3 from Caa1 and the rating on the senior unsecured notes issued by Prime Bloom Holdings Ltd. and guaranteed by Shandong Ruyi to Ca from Caa2. The outlook remains negative.
"The downgrade reflects Shandong Ruyi's tightening liquidity position and elevated refinancing risk amid increased economy uncertainty, with sizeable upcoming maturities over the next 12-18 months," said Chenyi Lu, a Moody's vice president and senior credit officer, in a press release.
On March 15, based on an agreement with all its bondholders, Shandong Ruyi extended its annual interest payment of about RMB 75 million on its RMB 1 billion of medium-term notes, which mature in March 2022, by three months to June 15, 2022. This extension demonstrates the company's tightening liquidity position.
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