Fashion giant Shandong Ruyi, dubbed ‘China’s LVMH’, downgraded by Moody’s after spending spree leaves it hard-pressed to repay debts

• The credit ratings agency downgraded Ruyi to B3 from B2, and put it under review for further downgrade
• Ruyi’s ability to service a slew of debt maturities in the next 12-18 months, and its ‘limited progress’ on its refinancing plans are cause for concern, says Moody’s