Fitch hacks Sinic

Fitch Ratings said it hacked Sinic Holdings (Group) Co. Ltd.’s issuer rating to CCC from B+. The agency also axed Sinic's senior unsecured rating to CCC- with a recovery rating of RR5 from B+ and RR4.

“The downgrade reflects the diminishing likelihood of Sinic refinancing its immediate maturity, a $246 million bond due on Oct. 18, 2021. The downgrade also reflects the decreasing transparency about the company's refinancing plans, in particular following recent negative new flows, as well as a significant decrease in its equity and bond prices,” Fitch said in a press release.

The senior unsecured rating downgrade to CCC- reflects the worsening liquidity and higher probability of default, the agency said.

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