Greenland Holding gets S&P credit rating lifted from Selective Default, but "high repayment risk" persists
Just a week after downgrading Greenland Holding Group (aka Greenland Holdings) to SD (Selective Default), ratings agency Standard & Poor's has upgraded the Shanghai-based conglomerate three notches to CCC-, but said the outlook remained negative. Greenland is the parent of Greenland USA, which owns nearly all of Greenland Forest City Partners, the master developer of Atlantic Yards/Pacific Park, and has funding responsibility for nearly all going forward. And default might --though that's unclear--stall the project. In a 6/29/22 announcement , S&P based the upgrade on Greenland's completion of a "distressed maturity extension," which means the company has one more year, until 6/25/23, to pay back $500 million in bonds. Risks remain But it warned that the company still "faces high repayment risk," given general lack of available cash and other debt due this year. CCC- is an "extremely speculative" low grade of "junk" bonds, d...