(Reuters) - S&P Global Ratings cut Swissport Group’s long-term corporate credit rating on Tuesday, citing weakening outlook for HNA Group, the Chinese owner of the airport services provider.
The agency cut its rating on Swissport and its related entities to "B-" from "B", with a stable outlook. (bit.ly/2B0lxDF)
“The revision reflects significant debt maturities and tightening liquidity at HNA Group,” S&P said, adding that while HNA continues to access the debt market, its cost of funding has materially increased from a year ago.
Reporting by Subrat Patnaik in Bengaluru; Editing by Anil D'Silva