Fitch revises Sinic view to negative

Fitch Ratings said it revised the outlook on Sinic Holdings (Group) Co. Ltd.'s long-term issuer default rating to negative, from stable, and has affirmed the rating at B+. The agency also affirmed Sinic's senior unsecured rating at B+ with an RR4 recovery rating.

“The negative outlook reflects Sinic's weakened access to the debt capital market and the rising execution risk of its high-churn business strategy. Fitch affirmed the rating based on Sinic's adequate liquidity, feasible refinancing plan and improving leverage, as measured by net debt (including guarantees to joint ventures (JV) and associates)/adjusted inventory, of 47% in 1H21, compared with 52% at end-2020,” the agency said in a press release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.