S&P: Hidili on watch

Standard & Poor's said it placed its B+ long-term corporate credit rating and cnBB long-term Greater China credit scale rating on Hidili Industry International Development Ltd. on CreditWatch with negative implications.

At the same time, the agency said it placed its B+ issue rating and cnBB long-term Greater China credit scale rating on the company's outstanding notes on CreditWatch with negative implications.

"The CreditWatch placement reflects the heightened refinancing risk associated with Hidili's Chinese renminbi 1.7 billion convertible bonds due January 2013," said S&P credit analyst Jian Cheng in a news release.

"We understand that the company is yet to obtain committed financing for the bonds, although it is in discussions about a few refinancing options," Cheng said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.