S&P could lower Golden Eagle

Standard & Poor's said it placed its BB- long-term corporate credit rating on Golden Eagle Retail Group Ltd. and the B+ long-term issue rating on its senior unsecured notes on CreditWatch with negative implications.

The agency also placed the cnBB+ long-term Greater China regional scale rating Golden Eagle and the cnBB long-term Greater China regional scale rating on its notes on CreditWatch with negative implications.

"We placed the ratings on CreditWatch because Golden Eagle's negotiation for a consent waiver for its covenant breach is taking longer than we expected," S&P credit analyst Shalynn Teo said in a news release.

"We believe that failure to obtain the waiver may accelerate repayment of the company's syndicated loan and materially weaken its liquidity."

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