Fitch trims, pulls Sino-Ocean ratings

Fitch Ratings said it downgraded Sino-Ocean Group Holding Ltd.'s long-term foreign-currency issuer default rating to CCC+ from B- and its senior unsecured rating to CCC+ with an RR4 recovery rating from B-. Fitch also lowered Sino-Ocean's $600 million of subordinated perpetual debt to CCC-, with an RR6 recovery rating from CCC.

The agency removed all the ratings from rating watch negative.

“We have simultaneously withdrawn the ratings. The downgrade is driven by a further revision in Sino-Ocean's stand-alone credit profile (SCP) to ccc from ccc+, which is mainly driven by Sino-Ocean's low margin of safety in liquidity against its high level of debt maturities over the short to medium term,” Fitch said in a press release.

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