Moody's slices Shinsun

Moody's Investors Service said it downgraded Shinsun Holdings (Group) Co., Ltd.’s corporate family rating to Caa2 from B3 and the senior unsecured rating on its bonds to Caa3 from Caa1.

The outlook was changed to negative from under review. These actions conclude the review for downgrade started on Dec. 20, the agency said.

"The ratings downgrade reflects Shinsun's heightened liquidity risk, driven by weakened funding access and sizable debt maturities in the coming 12-18 months," said Kelly Chen, a Moody's assistant vice president and analyst, in a press release.

"The negative outlook reflects the uncertainty over the company's ability to address all its near-term debt maturities amid challenging funding conditions," added Chen.

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