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<CN Home>Fitch Downgrades CHINA VANKE to 'B+' w/ Negative Outlook, Marking 5 Consecutive Downgrades in <6 Mths
Recommend 9 Positive 6 Negative 11 |
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Rating agency Fitch downgraded the Long-Term Foreign-Currency Issuer Default Rating (IDR) of CHINA VANKE (02202.HK) from 'BB-' to 'B+'. The Outlook is Negative, according to Fitch's announcement. Fitch also downgraded the Long-Term IDR on Vanke Real Estate (Hong Kong), a wholly-owned subsidiary of CHINA VANKE, from 'B+' to 'B'. In late March, Fitch downgraded CHINA VANKE's credit rating from 'BBB' to 'BB+', with the latter being a non-investment grades, and subsequently announced a further downgrade on CHINA VANKE's credit rating from 'BB+' to 'BB-' in late-May. This means that CHINA VANKE's credit rating has been downgraded 5 grades in a row in less than 6 months. The downgrade reflects the ongoing pressure on the company's liquidity due to lower-than-expected sales and cash flow generation in 1H24, Fitch added. Fitch believed that the company's ability to maintain access to onshore secured funding and proceeds from contracted asset disposals can help address its sizeable debt maturities in 2025, although the liquidity buffer is diminishing. AAStocks Financial News |
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