By  on April 25, 2013

Weakness in Li & Fung’s U.S. division and its distribution business led Standard & Poor’s to cut the sourcing giant’s credit rating one notch to “BBB-plus” — a still solid investment-grade ranking.

“Li & Fung faced greater challenges while executing its expansion strategy than it had expected, especially amid a weak global economy in the past two years,” S&P said.

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