S&P slashes Sinic

S&P said it slashed Sinic Holdings (Group) Co. Ltd.’s issuer rating to CC from CCC+. The rating remains on CreditWatch with negative implications.

“We lowered the rating because we believe Sinic has run into severe liquidity problem and its debt-servicing ability has almost been depleted. The company is likely to default on its $246 million offshore senior unsecured notes due Oct. 18, 2021,” S&P said in a press release.

The agency noted that one offshore facility totaling $75 million has been accelerated for repayment, and that could lead to the acceleration of other debts. “We cannot ascertain the terms of that facility, and cannot confirm if it is overdue.”

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