S&P trims Shandong Ruyi, on CreditWatch negative

S&P said it lowered the rating on Shandong Ruyi Technology Group Co. Ltd. to B- from B. and the issue rating on the company’s guaranteed senior debt to CCC+ from B-.

The company has RMB 4.7 billion of debt maturing over the next three months and refinancing is taking longer than expected, S&P said.

“In our view, the company’s access to domestic credit markets has deteriorated, given tight credit conditions and low investor appetite for debt issued by privately owned enterprises,” said S&P in a press release.

S&P placed all the ratings on CreditWatch with negative implications.

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