S&P Global Ratings today lowered its issuer credit rating on Sunshine 100 China Holdings Ltd. (02608) to 'SD' from 'CCC-'.
Sunshine has announced that it has repurchased HK$750 million of its convertible bonds at below par. The credit rating agency considers the repurchase to be distressed and tantamount to a default given noteholders received less than the original promise.
S&P will likely raise the rating on the Chinese developer to the 'CCC' category in the coming days to reflect the successful repurchase and the risk of a conventional default over the next six months.
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