Deals
HNA Warning Signs Keep Sprouting Up Over Mounting Debt Costs
- Credit-rating firms voice concerns about HNA subsidiaries
- Group units cancel fundraising plans as borrowing costs surge
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HNA Group Co., one of China’s most indebted companies, is facing increasing difficulties raising funds as scrutiny mounts over the acquisitive conglomerate’s surging borrowing costs.
In the past week, S&P Global Ratings and Fitch Ratings have voiced concerns about at least four companies because of their ties with HNA. Separately, group flagship Hainan Airlines Holding Co. canceled a bond sale, another unit scrapped a share offering and HNA subsidiaries have been paying some of their highest borrowing costs ever.