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S&P cuts MIE Holdings, notes
Standard & Poor's said it lowered its long-term corporate credit rating on MIE Holdings Corp. (MIEH) to B from B+.
The outlook is stable.
At the same time, the agency lowered its long-term issue rating on MIE Holdings’ senior unsecured notes to B from B+ and its long-term Greater China regional scale rating on the company and its notes to cnB+ from cnBB.
"We downgraded MIEH because we believe the company's cash flow leverage could deteriorate and its overall production could be lower than our previous forecast for the next 12 months," S&P credit analyst Jian Cheng said in a news release.
"Our view incorporates lower oil prices and our recently reduced price assumption for hydrocarbons."
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