S&P cuts Sinic

S&P said it cut Sinic Holdings (Group) Co. Ltd.’s rating to SD from CC after the company confirmed it failed to repay the interest and principal of its $250 million offshore senior unsecured notes that were due Monday. In September 2021, Sinic also failed to pay interest on debt.

“In our view, the nonpayment of the offshore notes will accelerate repayment of Sinic's other debt obligations, given that it could trigger cross-default provisions. These include the remaining two public bonds due in the first half of 2022, totaling $460 million. The company also has about $370 million in offshore private debt obligations that will likely see accelerated calls for repayment. We expect Sinic's exceptionally weak liquidity to persist and that further defaults are likely, given its mounting maturity wall over the next 12 months,” S&P 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.