Moody’s lowers Shandong Ruyi

Moody’s Investors Service said it downgraded Shandong Ruyi Technology Group Co., Ltd.’s corporate family rating to Caa1 from B3. Moody’s also downgraded the rating on the senior unsecured notes issued by Prime Bloom Holdings Ltd. and guaranteed by Shandong Ruyi, to Caa2 from Caa1.

This rating action concludes the review for downgrade started on Oct 10, following Moody’s increased concerns over Shandong Ruyi’s ability to service its large onshore and offshore debt maturities over the next 12-18 months, the agency said. The company has $345 million of bonds due this month.

“The downgrade reflects our increased concerns over Shandong Ruyi’s heightened refinancing risk, given its large upcoming debt maturities, continued weak liquidity, and limited progress on its refinancing plans,” said Chenyi Lu, a Moody’s vice president and senior credit officer, in a press release.

The agency changed the outlook to negative from ratings under review.

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