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S&P Global Ratings Downgrades CHINA VANKE by 2 Notches to 'B-', Places Ratings on CreditWatch Negative
Recommend 0 Positive 2 Negative 6 |
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In light of risen liquidity pressure, rating agency S&P Global Ratings lowered its long-term issuer credit rating on CHINA VANKE (02202.HK) by 2 notches to 'B-' from 'B' and its long-term issuer credit rating/ issue rating on senior unsecured notes of CHINA VANKE's subsidiary, Vanke Hong Kong, to 'B-', all of which were placed on CreditWatch with negative implications. S&P Global Ratings believed pressure on CHINA VANKE's liquidity is rising as the maturity date of the bonds approaches and access to cash is weaker than expected. CHINA VANKE's parent-level cash fell significantly short of its bond maturity wall of over RMB36 billion equivalent in 2025 (onshore and offshore). S&P Global Ratings also believed that CHINA VANKE will likely record net operating cash outflow in 1Q25. AAStocks Financial News |
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