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Shanshui Cement bonds topple

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World Cement,

There is a heightened liquidity risk surrounding Shanshui Cement Group and therefore a greater risk that the company could default in the next 12 months. This threat comes after its major shareholder was placed into receivership.

Due to these troubles afflicting the company, bonds were hit in secondary trade as Standard & Poor's cut its ratings.

Standard & Poor's have said in a report that Shanshui faces obstacles in its ability to refinance near-term debt. This is because since major shareholder China Shanshui Investment was put into receivership, some banks had decreased their credit lines to the company.

Edited from source by Joseph Green. Source: Reuters

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