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TEXT-S&P places Lonking Holdings ratings on creditwatch negative
June 5, 2012 / 8:18 AM / 6 years ago

TEXT-S&P places Lonking Holdings ratings on creditwatch negative

(The following statement was released by the rating agency)

June 05 -

Overview

-- We expect Lonking’s profitability and credit protection measures to deteriorate over the next 12 months due to weak operating conditions in China.

-- We are therefore placing our ‘BB’ long-term corporate credit rating and ‘cnBBB-’ Greater China credit scale rating on the China-based construction equipment manufacturer on CreditWatch with negative implications.

-- We are also placing our ‘BB’ and ‘cnBBB-’ issue ratings on Lonking’s US$350 million senior unsecured debt on CreditWatch with negative implications.

Rating Action

On June 5, 2012, Standard & Poor’s Ratings Services placed its ‘BB’ long-term corporate credit rating and ‘cnBBB-’ Greater China credit scale rating on China-based construction equipment manufacturer Lonking Holdings Ltd. on CreditWatch with negative implications. We also placed our ‘BB’ and ‘cnBBB-’ issue ratings on the company’s US$350 million senior unsecured debt on CreditWatch with negative implications.

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