S&P cuts Greenland Holding notes to D

S&P said it cut the rating on Greenland Holding Group Co. Ltd.’s guaranteed senior unsecured notes to D from C, following the completion of a maturity extension for all the company's U.S dollar senior notes. Greenland extended the offshore notes by two years from the original maturity date. The issuer rating remains SD or selective default.

The agency said it considers the transaction as distressed debt restructuring and equivalent to a default.

“Had the maturity not been extended, Greenland would likely have lacked the resources to fully repay them on maturity. Even with the maturity extension, Greenland faces repayment pressure from onshore bonds of Chinese Renminbi 7.7 billion until the end of 2023,” S&P said in a press release.

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