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Fitch Downgrades CHINA VANKE's Rating to 'C' as Default Risks Intensify, Liquidity Tightens
Recommend 4 Positive 2 Negative 5 |
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Rating agency Fitch has downgraded CHINA VANKE (02202.HK)'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) from "CCC-" to "C", and Vanke HK's long-term IDR from "CCC-" to "CC", reflecting CHINA VANKE's entry into the grace period for the principal and interest repayment of its RMB2 billion onshore bond due on December 15, 2025. According to Fitch, CHINA VANKE's onshore bond has entered a five-business-day grace period, signaling heightened default risks. It is expected that the company will convene another creditors' meeting within the grace period. Fitch also highlighted the liquidity constraints CHINA VANKE is currently facing. As of the end of September, the company's available cash had decreased from RMB69 billion at the end of June to RMB60 billion, with most of the cash estimated to be pre-sale proceeds. AAStocks Financial News |
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