S&P puts Zhongrong International on watch

S&P said it has placed its BB- long-term and B short-term issuer credit ratings on Zhongrong International Holdings Ltd. (Zhongrong BVI) and the BB- long-term issue rating on its guaranteed notes on CreditWatch with negative implications.

At the same time, S&P withdrew the recovery rating on the guaranteed notes.

“We placed the ratings on CreditWatch following reduced and slower capital injections by Zhongrong BVI's parent than we expected. In our view, this indicates some pressure on the high likelihood of parental support we factor into our ratings on the company,” S&P said in a news release.

“We also see risks in the company's refinancing of its guaranteed bonds due in June 2019.”

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