Moody's downgrades Shinsun

Moody's Investors Service said it lowered Shinsun Holdings (Group) Co., Ltd.’s corporate family rating to B3 from B2. The agency said it also downgraded the senior unsecured rating on the bonds issued by Shinsun to Caa1 from B3.

Concurrently, Moody's placed the ratings on review for further downgrade. The outlook is changed to under review from negative.

"The downgrade of Shinsun's ratings reflects the company's heightened refinancing risks because of its weakened funding access and sizable debt maturities over the next six to 12 months," said Kelly Chen, a Moody's assistant vice president and analyst, in a press release.

"The review for downgrade reflects the uncertainty over the company's ability to raise new funding through new borrowing and mobilize its cash to manage its refinancing needs over the next six to 12 months," added Chen.

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