S&P changes Tunghsu to negative

S&P said it revised its outlook on Tunghsu Group Co. Ltd. to negative from stable.

At the same time, the agency affirmed the B+ long-term issuer credit rating on Tunghsu and the B long-term issue rating on the company's dollar-denominated guaranteed senior notes.

“We revised the outlook to negative to reflect Tunghsu's diluting liquidity strength amid its rising leverage,” S&P said in a news release.

“In our view, Tunghsu faces increasing short-term debt maturities and working capital requirements over the next 12-24 months.”

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