S&P trims Tunghsu Group

S&P said it lowered its long-term issuer credit rating on Tunghsu Group Co. Ltd. to B from B+. The outlook is stable.

S&P also lowered its long-term issue rating on the China-based technology conglomerate's guaranteed U.S. dollar-denominated senior unsecured notes to B- from B.

“The downgrade reflects our view that Tunghsu's liquidity is deteriorating owing to its high funding needs amid tight financing conditions in China. However, we believe the company still has sufficient cash and cash equivalents and credit lines to meet its operating and financing needs for the next 12 months,” S&P said in a news release.

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