S&P puts Shandong Sanxing on negative watch

S&P said it placed the ratings for Shandong Sanxing Group Co. Ltd. on CreditWatch with negative implications.

“We placed the ratings on CreditWatch with negative implications based on Sanxing’s slower progress than we expected in refinancing its debt maturities in 2019 and 2020. The company has several refinancing plans. However, the progress is slower than we anticipated. Without new capital, Sanxing’s liquidity will significantly weaken post the paydown of its 2019 maturities,” said S&P in a press release.

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