Tewoo hit by six-notch downgrade amid Tianjin woes
Maciej Cielma/maciek905 - stock.adobe.com
Fitch has downgraded Tewoo Group, a Chinese state-owned commodities trader, by six notches, citing the company’s weak liquidity and high leverage. The Tianjin government’s financial ability to support its related entities was also brought into question.
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