Skip to main content

Advertisement

Advertisement

Business

S&P downgrades Chinese developer Sinic due to unclear repayment plans

S&P downgrades Chinese developer Sinic due to unclear repayment plans

FILE PHOTO: The S&P Global logo is displayed on its offices in the financial district in New York City, U.S., December 13, 2018. REUTERS/Brendan McDermid/File Photo

Credit-rating firm S&P Global Ratings downgraded Sinic Holdings (Group) Co Ltd to 'CCC+' on Tuesday, citing the Chinese developer's failure "to communicate a clear repayment plan".

"Sinic had previously prepared to remit funds offshore to repay its US$246 million senior notes due Oct. 18, 2021, with its unrestricted cash balance of over 14 billion Chinese renminbi (US$2.17 billion) as of June 30, 2021. However, there hasn't been any progress thus far and the timing of any remittance is uncertain", S&P said in its note https://bit.ly/3lKywhD.

(US$1 = 6.4655 Chinese yuan renminbi)

(Reporting by Kanishka Singh in Bengaluru; Editing by Christopher Cushing)

Source: Reuters

Advertisement

Also worth reading

Advertisement