Logistics Firm GLP Loses Last Investment-Grade Rating as Asset Sales Drag On

(Bloomberg) — GLP Pte. Ltd. was stripped of its last investment-grade rating by S&P Global Ratings due to deteriorating liquidity and asset-monetization delays at one of Asia’s biggest logistics firms.

S&P cut GLP and unit GLP China Holdings Ltd. by two notches to BB, the ratings firm said in a statement Thursday. Its grades were then withdrawn at the group’s request, according to S&P. Fitch Ratings dropped GLP to junk territory last month.