Logistics Firm GLP Loses Last Investment-Grade Rating From S&P as Asset Sales Drag on
- China asset-monetization target unlikely to be met: S&P
- Ratings methodology an ‘incomplete assessment’ of company: GLP
This article is for subscribers only.
GLP Pte 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 Its grades were then withdrawn at the group’s request, according to S&P. Fitch Ratings dropped GLP to junk territory last month.