QIN cut two notches at S&P - still on Credit watch negative for...

QIN cut two notches at S&P - still on Credit watch negative for further downgrade. Not far to the "D" for default rating now

Quintis Ratings Cut to CCC- by S&P; on CreditWatch Negative
By Victoria Batchelor
(Bloomberg) -- Quintis has an upcoming bond interest payment due on Aug. 1, and a put option on 400ha of plantation that can be exercised in July, S&P Global Ratings says.

• Combined with a lack of clarity regarding wood sales, lower investor cash flows, and uncertainty regarding a potential corporate restructuring, the co.’s liquidity stress has heightened
• Ratings on Quintis and its related debt cut to CCC- from CCC+
• S&P will resolve CreditWatch either on Aug. 1, when the bond interest payment is due, or prior to then after its assessment of any completion of sandalwood sales to China or potential capital support
• NOTE: June 6, Quintis Withdraws Earnings Guidance, Still in Talks on Debt