China Builder Logan Cut Deep into Junk on Restructuring Risk
- Private placement notes guaranteed by firm may be accelerated
- Credit rating downgraded to CCC- by S&P, CCC by Fitch
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Logan Group Co. has been cut deeper into junk by S&P Global Ratings and Fitch Ratings.
The Chinese developer’s credit rating was downgraded by three notches Friday to CCC- by S&P and to CCC from B+ by Fitch. “We believe restructuring of Logan’s onshore debt is likely,” as the borrower faces “huge” repayment pressure and large debt maturities, S&P analysts wrote.