S&P cuts Kingboard to cnBBB+

Standard & Poor's said it affirmed its BBB- long-term corporate rating on Kingboard Chemical Holdings Ltd. The outlook is negative.

The agency said it also lowered the long-term Greater China credit scale rating on the company to cnBBB+ from cnA-.

The agency removed all the ratings from CreditWatch, where they were placed with negative implications on April 3.

"We affirmed the rating on Kingboard to reflect our view that the company is likely to restore its cash flow protection measures to levels that are appropriate for the rating based on its plan to reduce its debt levels over the next two years," said S&P credit analyst Jerry Fang in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.