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S&P cuts, pulls Kaisa
S&P said it cut Kaisa Group Holdings Ltd.'s issuer rating to CCC- from CCC+. The outlook is negative.
“We downgraded Kaisa because the company's liquidity appears to be depleted. Therefore, we believe nonpayment risk is high and could ultimately lead to debt restructuring. A default scenario is inevitable within the next six months,” S&P said in a press release.
At Kaisa’s request, S&P said it withdrew the CCC- issuer rating.
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