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Standard & Poor’s Ratings Service said it revised its rating outlook on China XD Plastics Co. Ltd. (Nasdaq: CXDC) to negative from stable. In line with this revision, we lowered the long-term Greater China regional scale rating on the China-based auto application manufacturer to ‘cnBB’ from ‘cnBB+’. At the same time, we affirmed the ‘BB-‘ long-term corporate credit rating on the company. We lowered the long-term issue ratings on the outstanding senior unsecured notes that China XD Plastics guarantees to ‘B+’ from ‘BB-‘ and the Greater China regional scale rating to ‘cnBB-‘ from ‘cnBB+’.
“We revised the outlook to reflect the si…
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