S&P cuts, pulls Risesun

S&P said it downgraded Risesun Real Estate Development Co. Ltd.’s issuer rating to B- from B+ and its senior unsecured notes to CCC+. At the company’s request, withdrew Risesun’s ratings.

“We anticipate Risesun's financing cash flow will continue to face substantial pressure, resulting in deteriorated liquidity and diminishing resources for the company to achieve scale expansion. The constraints on financing cash flow indicate narrowing financing access to major financial institutions, rather than just proactive liability management for deleveraging,” S&P said in a press release.

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