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HONG KONG, Sept 19 (Reuters) - Chinese companies hounded by debt obligations accrued over the past few years are grappling with a new adversary at what is a very inconvenient time: global ratings agencies.
Standard & Poor's and Fitch Ratings have slashed more ratings of Chinese companies in 2014 than a year earlier as towering debts weigh on corporate bottom-lines.
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Earlier this month, Fitch cut its outlook on oil and gas field services provider Anton Oilfield to negative from stable, blaming the squeeze on its margins from competition, reduced capital spending by customers in China and a longer working capital cycle that was hurting its cash flow."The pressure on ratings will continue as they rebalance," said Terry Chan, a Melbourne-based S&P analyst.
Its debt-to-earnings before interest, taxes, depreciation and amortisation (EBITDA) ratio rose to 5.05 at end-2013 from 3.12 in 2011. E.31/12/1518/03/2016 FUDANZHANGJIANG FIN RES/DIV Y. E.31/12/1518/03/2016 HK FERRY (HOLD) FIN RES/DIV Y. On Monday, S&P cut the ratings of China Shanshui Cement and Guangzhou R&F Properties by a notch, plunging them deeper into junk status.Last week, fellow rating agency Moody's downgraded steelmaker China Oriental, already wallowing in non-investment territory, also by a notch."When the economy is deleveraging and credit is not growing as fast as before, they need extra cash to repay debt instead of refinancing it in the market, thereby creating pressure on balance sheets and in some cases on the ratings," said Moody's analyst Ivan Chung.
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The return on investment will continue to decline and this over-investments will have to be adjusted."Earlier this year, Fitch cut the rating of China-based department store operator Parkson Retail to BB from BB-plus on account of weaker sales growth and profitability amid a challenging operating environment."We expect mildly negative rating pressure to continue for the rest of this year, and it could probably extend to the first half of next year depending on growth targets and policies," she said, referring to selective credit easing by some local governments.