S&P lowers Hydoo to negative

S&P said it revised the outlook on Hydoo International Holding Ltd. to negative from stable.

The agency also said it affirmed the company's B long-term corporate credit rating, along with the B- long-term issue rating on its outstanding notes.

S&P also said it lowered the long-term Greater China regional scale rating on Hydoo to cnB+ from cnBB- and on its notes to cnB from cnB+.

The outlook revision is because Hydoo's financial leverage is expected to remain high in the next 12- to 24-months as sales performance and revenue may remain weak due to the down cycle in the trade center industry, the agency said.

The company's key financials for 2016 were weaker than previously forecast, S&P said.

Hydoo's debt-to-EBITDA ratio also increased to 5.4x in 2016 from 3.4x in 2015, the agency added.

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