[ET Net News Agency, 21 August 2013] Standard & Poor's Ratings Services said today that
it had lowered its long-term corporate credit rating on Winsway Coking Coal Holdings Ltd.
(01733) to 'CC' from 'B'. The outlook is negative. At the same time, the agency lowered
the rating on the company's senior unsecured notes to 'CC' from 'B-'.
S&P also lowered its long-term Greater China regional scale rating on Winsway to 'cnCC'
from 'cnB+' and on the notes to 'cnCC' from 'cnB'. Winsway is a China-based coking coal
supply and logistics provider.
"We downgraded Winsway because we view the company's recent tender offer on its senior
unsecured notes as constituting a 'distressed exchange' tantamount to an immediate
default," said S&P's credit analyst Huma Shi.
"The negative outlook reflects the likelihood that we will lower the corporate credit
rating to 'SD' (for selective default) and the issue rating on the notes to 'D' if the
proposed transaction is completed," she added. (KL)
|
|
|
|
|
|
|
|
|
|
Super Quote | Detail Quote | Interactive Chart | Transaction | Related News | Related Securities | Company Information | Dividend Records | Short Sell
01733 E-COMMODITIES
Nominal 
1.590 -0.030 (-1.852%) Others
21/08/2013 15:35
Winsway ratings cut to "CC"' & "cnCC"; Outlook negative
| Remark: | Real time quote last updated: 23/04/2024 17:59 |
| Real-time basic market prices of Hong Kong securities are provided by HKEx; a Designated Website authorized by the HKEx Group to provide the Service |