Fitch downgrades Hilong

Fitch Ratings said it downgraded Hilong Holding Ltd. issuer rating to CC from B. At the same time, Fitch downgraded its senior unsecured rating and ratings on its dollar-denominated bonds to CC from B, with the recovery rating remaining at RR4.

Fitch also cut the expected rating on the company’s proposed dollar-denominated bonds CC from B, with the recovery rating staying at RR4. The agency said it removed all its Hilong ratings from rating watch negative.

“Hilong’s ratings have been downgraded to reflect the high refinancing risk related to the company’s $165.11 million 7¼% senior unsecured notes due June 22, 2020, as its proposed exchange offer has not met the minimum acceptance amount and there has been limited progress in moving funds offshore, the agency said in a press release.

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