Deals
HNA Credit Assessment Cut by S&P as Borrowing Costs Increase
- Chinese conglomerate’s higher funding costs cited in report
- UDC Finance could be downgraded if HNA acquisition successful
Pedestrians walk past the HNA Group Co. building in Beijing, China.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
HNA Group Co. had its credit assessment cut by S&P Global Ratings, which cited concerns about the Chinese conglomerate’s looming debt payments and rising borrowing costs.
S&P said on Wednesday it lowered HNA’s credit profile by one notch to b, or five levels below investment grade, from b+. The change was disclosed in a report by S&P on New Zealand’s UDC Finance Ltd., which HNA is seeking to buy.