S&P downgrades Chinese developer Sinic due to unclear repayment plans

s&p, Sinic Holdings, S&P Global Ratings, repayment plan, remit funds offshore

Credit-rating firm S&P Global Ratings downgraded Sinic Holdings (Group) Co Ltd to ‘CCC+’ on Tuesday, citing the Chinese developer’s failure “to communicate a clear repayment plan“.

“Sinic had previously prepared to remit funds offshore to repay its $246 million senior notes due Oct. 18, 2021, with its unrestricted cash balance of over 14 billion Chinese renminbi ($2.17 billion) as of June 30, 2021. However, there hasn’t been any progress thus far and the timing of any remittance is uncertain”, S&P said in its note.

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