Moody’s downgrades Hilong

Moody’s Investors Service said it downgraded Hilong Holding Ltd.’s corporate family and senior unsecured ratings to Caa3 from B3, and the rating on Hilong’s proposed senior secured notes to Caa3 from B3.

The agency revised the outlook to negative from ratings under review.

This rating action concludes the review for downgrade started June 9 following Moody’s increased concerns over Hilong’s heightened refinancing risk, the agency said.

“The downgrade follows the announcement on June 22, 2020, that Hilong will not repay its outstanding $165 million senior notes maturing June 22, 2020 (2020 notes), given its inability to complete its tender offer,” Moody’s said in a press release.

The outlook reflects the potential for post-restructuring losses to exceed the agency’s current forecast, Moody’s said.

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