Credit-rating firm S&P Global Ratings downgraded Sinic Holdings 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 US$246 million senior notes due Oct. 18, 2021, with its unrestricted cash balance of over 14 billion Chinese renminbi 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 https://bit.ly/3lKywhD.
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