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canada goose store We view Chaoda liquidity as weak and we believe the company current offshore cash balance and other sources of liquidity could be insufficient if the convertible bond becomes payable. canada goose store

canada goose There canadian goose jacket is a lack of clarity over the company current offshore cash balance, and we believe the company Canada Goose Coats On Sale has limited ability to access canada goose uk the capital markets. canada goose

canadian goose jacket According to our canada goose criteria, canada goose store companies with a weak liquidity score will not receive a rating higher than We are uk canada goose therefore lowering the corporate credit rating on Chaoda canada goose clearance to from canadian goose jacket

buy canada goose jacket We have kept all canada goose factory sale the ratings on CreditWatch with negative implications. buy canada goose jacket

cheap Canada Goose Standard buy canada goose jacket cheap Poor Ratings Services said today that it had lowered the long term corporate credit rating on Chaoda Modern Agriculture (Holdings) Ltd. to from At the same time, we canada goose black friday sale lowered canada goose clearance sale the Greater China credit scale ratings on Chaoda to canada goose uk outlet from We kept all of the ratings on CreditWatch with negative implications, where they were originally placed on Oct. 4, 2011. cheap Canada Goose

Canada Goose sale lowered the Canada Goose sale rating on Chaoda by three notches to reflect our view that the company liquidity is weak and that its current offshore cash balance and other sources of liquidity could be insufficient if, at investors request, it needs to early redeem its US$200 million convertible bond due 2015, said Standard Poor credit analyst Joe Poon. addition, we have no clarity about Chaoda offshore cash balance. We also believe the company has limited access to capital markets. According to our cheap Canada Goose criteria, companies with a weak liquidity score will not receive a rating higher than Canada Goose sale

canada goose black friday sale The rating remains on CreditWatch to reflect our uncertainty over the strength canada goose coats of Chaoda liquidity and its ability to repay the convertible bond in a timely manner. canada goose black friday sale

Canada Goose Jackets Share trading Canada Goose Online in Chaoda was suspended on Sept. Canada Goose Outlet 26, 2010. buy canada goose jacket Under the terms of the convertible bond, holders have the option to require Chaoda to buy back the bond if shares in the company are suspended Canada Goose Parka for more than 60 consecutive days on the stock exchange. In our view, if the bond repayment is accelerated, Chaoda liquidity position will be materially weakened. Canada Goose Jackets

canada goose clearance The rating on Chaoda continues to reflect the company weak corporate governance, extensive related party transactions, very aggressive growth appetite, and exposure to a fragmented market. We also believe that Chaoda Canada Goose Jackets has a mixed track record in transparency and information disclosure. The company established position as an industrialized agriculture enterprise and good geographic diversification temper these weaknesses. canada goose clearance

buy canada goose jacket cheap We view Chaoda as having weak sources of liquidity to canada goose coats on sale cover its needs in the next 12 months if the convertible bond becomes repayable soon. https://www.canadagooseonlineshop.co.uk We note the disposal of shares in Asian Citrus Holdings Ltd. for about Hong Kong dollar 466 million would provide some liquidity sources to buy back the Canada Goose online convertible bond. In our view, Chaoda limited access to capital markets and historically limited access to bank borrowings may negatively affect its liquidity position. Liquidity will be weakened further cheap canada goose uk if the company does not scale back its aggressive capital expenditure. As of Dec. 31, 2010, the company was in net cash position with Chinese renminbi 3.89 billion in cash and cash equivalents, canada goose uk black friday and no short term debt due. buy canada goose jacket cheap

Canada Goose Parka aim to resolve the CreditWatch after receiving more clarity about the convertible bond arrangements, the company liquidity situation, and the annual results, said Mr. Poon. We may lower the rating to the category or below in the near future if we believe canada goose uk shop Chaoda is highly vulnerable to nonpayment of its debt obligations. Canada Goose Parka

Canada Goose online RELATED CRITERIA AND RESEARCH Chaoda Modern uk canada goose outlet Agriculture (Holdings) Ltd. Rating Lowered to And Placed On Watch Negative On Share Suspension And Investigation, Oct. 4, 2011 Canada Goose online.