ASIA-PACIFIC

摘要

S&P has downgraded the long-term issuer rating of troubled qinchai provincial investment croup from CCC+ to CCC- with a negative outlook, citing its rising operational risks. The rating agency also lowered the rating on the company's senior unsecured notes from CCC+ to CCC-. It had placed QPIG's ratings on credit watch with negative implications on February 26. S&P said the negative outlook reflects expectations that a default or distressed exchange appears inevitable in the next six months, considering QPIG's large debt maturities and extremely tight liquidity.