The Chinese conglomerate that owns luxury UK clothing maker Aquascutum and Savile Row tailor Gieves & Hawkes has come under increased pressure as a December 19 bond repayment draws near and rating agencies downgrade or withdraw their ratings.
Moody’s downgraded Shandong Ruyi’s corporate rating on Thursday deeper into speculative grade territory to Caa1 from B3.
That followed the withdrawal of S&P’s junk rating of the company last Friday, a move that was requested by Shandong Ruyi, which as recently as a year ago had been referred to as the “LVMH of China” after it became the country’s largest holding company for global luxury brands.
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