Fitch downgrades Sinic

Fitch Ratings said it downgraded Sinic Holdings (Group) Co. Ltd.'s long-term issuer default rating to C from CCC. Fitch also cut Sinic's senior unsecured rating to C from CCC-, with an RR5 recovery rating, which is unchanged.

“The downgrade reflects our view that a default-like process has begun, following Sinic's announcement that certain subsidiaries have missed interest payments on onshore financing arrangements, which was followed by enforcement action taken by one of its offshore creditors,” Fitch said in a press release.

Sinic is talking with its creditors and has hired legal and financial advisors.

“The recent events have cast additional uncertainty over the repayment of Sinic's $246 million bonds maturing Oct. 18, 2021.

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