Moody's lowers, withdraws Kangde on default

Moody's Investors Service said it downgraded Kangde Xin Composite Material Group Co., Ltd.'s corporate family rating to Ca from B3.

Moody's also said it downgraded the rating to Ca from B3 on the $300 million senior unsecured notes issued by Top Wise Excellence Enterprise Co., Ltd. and guaranteed by Kangde Xin.

The outlook remains negative.

Subsequently, Moody's said it will withdraw all its ratings due to insufficient information.

The downgrade follows news of Kangde's default on its domestic commercial paper issued in 2018 and due Jan. 15, the agency said.

The defaulted amount totaled RMB 1 billion and will likely trigger cross default on its dollar-denominated notes.

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