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S&P cuts Golden Eagle Retail, notes
Standard & Poor's said it lowered its long-term corporate credit rating on Golden Eagle Retail Group Ltd. to BB+ from BBB-.
The outlook is negative.
The agency also lowered its long-term issue rating on the company's senior unsecured notes to BB from BBB-.
The issue rating is one notch lower than the issuer rating due to structural subordination.
In line with the rating change, S&P lowered Golden Eagle’s long-term Greater China regional scale rating to cnBBB from cnBBB+ and on the notes to cnBBB- from cnBBB+.
"We lowered the rating because Golden Eagle's leverage has increased more than we expected over the past year, and we do not anticipate any material reduction over the next 12 months," S&P credit analyst Lillian Chiou said in a news release.
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