HONG KONG, Nov 29 (Reuters) - S&P Global Ratings on Wednesday said it has downgraded the overall creditworthiness of HNA Group to b from b+, citing the airline-to-property conglomerate’s aggressive financial policy and tightening liquidity.
The assessment is an estimate of the creditworthiness of an entity which S&P makes on an unsolicited basis.
HNA has “significant” debt maturities over the next several years and its funding costs are “meaningfully higher” than from a year ago, the rating agency said in a statement.
In recent months, HNA has struck a series of short-term deals at elevated costs of financing raising concerns that some of its units are experiencing a liquidity crunch. (Reporting by Umesh Desai; Editing by Vyas Mohan)