Greenland Unit Downgraded Again After Extension Request
- Request to delay bond repayment ‘tantamount to a default’: S&P
- It’s S&P’s second ratings cut to the unit in the past week
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A unit of Chinese developer Greenland Holdings Corp. fell deeper into junk territory after its proposed bond-repayment delay, with S&P Global Ratings calling the offer a distressed maturity extension.
It dropped Greenland Holding Group Co. to CC from B-, saying the firm is vulnerable to not paying senior notes at maturity absent the extension. Moody’s Investors Service also downgraded the unit to Caa2 from B2, while lowering the rating on sibling Greenland Hong Kong Holdings Ltd. a notch to B3.