The Japan Bond Research Institute says it will maintain its negative outlook on the debt of Peregrine Investments Holdings, despite the proposed US$200 million injection from Zurich Group.
At the end of last month, JBRI said it was placing Peregrine's debt ratings under review with a negative implication due to the company's tightening liquidity position after the fall in the Hong Kong stock market.
Yesterday, it said that while the tie-up with Zurich would boost Peregrine's capital and remove liquidity concerns, the instability of exchange and asset markets in Asia had resulted in 'an overall deterioration in the operational environment.' The institute said it would announce its revised rating after examining Peregrine's statement of accounts, due to be released in December.