Firm Hit by Credit-Rating Downgrade Tries to Calm Fears
A Shenzhen-listed company has tried to calm fears about its financial soundness after a domestic ratings agency downgraded its creditworthiness and retracted a credit rating on a proposed debt sale by the grassland restoration firm over concerns about its ability to repay the funds.
Inner Mongolia M-Grass Ecology And Environment Group Co. Ltd. issued a statement defending its finances on Tuesday, prompting its shares to drop by 9.93%, almost the maximum daily limit of 10%, to 6.44 yuan ($1.01) in Wednesday trading. The shares have fallen by almost a third over the past month.
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