Fitch trims Shinsun to CC

Fitch Ratings said it downgraded Shinsun Holdings (Group) Co., Ltd.'s long-term foreign-currency issuer default rating to CC from B- on heightening refinancing risks of its near-term U.S. dollar-denominated bond maturities.

The downgrade reflects Fitch's belief that there is a high level of credit risk, given insufficient cash to meet large capital market maturities over the next five months, particularly the $292 million notes due on Jan. 23, 2022, the agency said.

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