Indebted HNA Says It Has ‘Very Healthy’ Financial Position, Banks’ Cooperation
HNA Group, the heavily indebted airlines-to-property conglomerate, said on Wednesday it is in a “very healthy financial position,” and that some of its directors and top executives have bought offshore U.S. dollar bonds guaranteed by the group due to their “full confidence” in its business prospects.
The statement follows the disclosure that S&P Global Ratings lowered its informal credit rating on HNA from B to CCC+ to reflect its deteriorating liquidity position. The group is facing “significant debt maturities” and liquidity pressure due to “uncertain access to capital markets,” S&P said in a research update published on Tuesday to downgrade the ratings of Pactera Technology International, an IT-services subsidiary of the Hainan-province-based conglomerate. The agency does not have an official credit rating for HNA, providing instead an assessment of its credit profile.
- 1Tough Rules to Tame Asset-Management Industry Coming Soon
- 2Regulator Warns Banks They'll be Named and Shamed
- 3 Jilin Woman Lobbies to Loosen Laws on Freezing Human Eggs
- 4Chinese Walk 40 Times the Distance From Earth to Mars for Digital Red Envelopes
- 5China Calls U.S. Proposal on Steel, Aluminum Tariffs 'Baseless'
- 1Power To The People: Pintec Serves A Booming Consumer Class
- 2Largest hotel group in Europe accepts UnionPay
- 3UnionPay mobile QuickPass debuts in Hong Kong
- 4UnionPay International launches premium catering privilege U Dining Collection
- 5UnionPay International’s U Plan has covered over 1600 stores overseas