Unit of CEFC Hit by New Downgrade Amid Probe of Founder
Another major credit agency has downgraded the main financing arm of energy and financial conglomerate CEFC China Energy, citing concern about debt and uncertainty after the parent company’s chairman was placed under investigation.
China Chengxin International Credit Rating Co. said on Thursday that it had downgraded CEFC Shanghai International Group to AA+ from AAA and placed the company on its credit rating watchlist. It also downgraded the 2.5 billion yuan medium-term notes issued by CEFC Shanghai in June of 2017 from AAA to AA+.
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