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S&P: Greentown China on watch
Standard & Poor’s said it placed the BB- long-term corporate credit rating and cnBB+ long-term Greater China regional scale rating on Greentown China Holdings Ltd. on CreditWatch with negative implications.
The agency also said it placed the B+ long-term issue rating and cnBB long-term Greater China regional scale rating on the company’s outstanding senior unsecured notes on CreditWatch with negative implications.
The ratings were placed on watch to reflect the probable weakening of Greentown’s cash flow and leverage over the next six- to 12-months if the company’s profitability declines significantly and its debt increases more than expected, S&P said.
The watch will be resolved within the next three months after the agency said it analyzes Greentown’s profitability and its impact on the company’s key financial ratios.
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