Li & Fung Downgraded to BBB-

Li & Fung Downgraded to BBB-

Supply-chain company Li & Fung and its senior unsecured bonds were downgraded to BBB- from BBB by S&P while its perps were downgraded to BB from BB+. The outlook was stable. With shrinking EBITDA and lower cash balances, S&P expects leverage to be high...
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