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S&P slices China SCE
S&P said it lowered China SCE Group Holdings Ltd.’s issuer rating to B- from B+ and its senior unsecured notes to CCC+ from B.
“We lowered the rating because we believe China SCE's declining sales and cash outflow related to supplier chain financing and JV partners will strain its liquidity. Cash outflow to JV partners could stem from dividend payments and buyback of shares. We have therefore revised our assessment of the company's liquidity to weak from adequate,” S&P said in a press release.
The agency said it forecasts China SCE’s sales will drop by about 40% to RMB 60 billion–RMB 65 billion in 2022 from RMB 104.5 billion in 2021.
The outlook is negative.
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