Country Garden becomes ‘fallen angel’ with downgrade to junk

22/6/2022 4:35:00 PM

Country Garden becomes ‘fallen angel’ with downgrade to junk - Bloomberg

Country Garden becomes ‘fallen angel’ with downgrade to junk - Bloomberg

HONG KONG (June 22): Moody’s Investors Service lowered Country Garden Holdings Co from investment-grade territory, in the latest sign of how sentiment has soured for private-sector Chinese developers during the industry’s cash crunch and sales slump.The country’s largest builder by sales was downgraded one notch to Ba1 from Baa3 by the ratings firm, with a negative outlook. Moody’s cited “declining property sales and deteriorating financial metrics”, as well as weakened access to long-term funding.It’s Country Garden’s second junk-level rating from major

HONG KONG (June 22): Moody’s Investors Service lowered Country Garden Holdings Co from investment-grade territory, in the latest sign of how sentiment has soured for private-sector Chinese developers during the industry’s cash crunch and sales slump.The country’s largest builder by sales was downgraded one notch to Ba1 from Baa3 by the ratings firm, with a negative outlook. Moody’s cited “declining property sales and deteriorating financial metrics”, as well as weakened access to long-term funding.

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China junk bond selloff in new phase with record Fosun rout(June 21): A record selloff in Fosun International Ltd’s dollar bonds shows that financial stress among China’s property developers is shifting to the country’s other weaker borrowers. In a sign of contagion, an extended slump in the Shanghai-based conglomerate’s dollar bonds is spreading to several Chinese industrial firms’ offshore debt Tuesday. Fosun’s dollar notes lost 21% last week, the most in a Bloomberg index of Chinese high-yield dollar bond, after Moody’s Investors Service put the firm on review for

A HONG KONG (June 22): Moody’s Investors Service lowered Country Garden Holdings Co from investment-grade territory, in the latest sign of how sentiment has soured for private-sector Chinese developers during the industry’s cash crunch and sales slump.Defence Minister Datuk Seri Hishammuddin Hussein said Syed Sirajuddin Camp in Gemas here has been selected as a pioneer project.for the latest news you need to know.for the latest news you need to know.

The country’s largest builder by sales was downgraded one notch to Ba1 from Baa3 by the ratings firm, with a negative outlook. Moody’s cited “declining property sales and deteriorating financial metrics”, as well as weakened access to long-term funding. I have just seen it. It’s Country Garden’s second junk-level rating from major international credit assessors. “Farming activities have already begun. S&P Global Ratings hasn’t deemed the developer investment grade since 2008, according to data compiled by Bloomberg .. Bond defaults since late last year by China Evergrande Group and Sunac China Holdings Ltd, which had been among the country’s biggest developers, highlighted the reach of the sector’s debt crisis..

Dropping new-home sales for nearly a year have added to liquidity pressures from a government crackdown on additional leverage growth by property firms. At least our personnel can focus on their security and defence duties.. Falling out of investment-grade territory could result in Country Garden facing higher borrowing costs and some investors being forced to sell the firm’s dollar bonds. Most of the company’s such debt is below 70 cents on the dollar, generally considered stressed levels. He added that the matter had been discussed with Chief of Defence Force Gen Tan Sri Affendi Buang and Chief of Army Gen Datuk Zamrose Mohd Zain. However, that’s well above the 30 cents or less that many other developers’ offshore notes have slumped to. “I want a report later and if possible, it can be expanded to all camps and all zones,” he told reporters after watching the 2022 Malaysian Armed Forces (MAF) Firepower Training (LKT) here today. Moody’s moved Country Garden to investment-grade territory in September 2020, but lowered its ratings outlook to negative in March on expectations of falling profit margins and property sales into 2023, as well as weakened offshore-funding access. He said it was a precautionary measure in tackling any possible food crisis in the future and ensure food sustainability, especially among Armed Forces personnel as well as the general public. He added that the matter had been discussed together with Chief of Defence Force Gen Tan Sri Affendi Buang and Chief of Army Gen Datuk Zamrose Mohd Zain.

The firm was put on review for downgrade in May, while predicting an approximately 25% contracted-sales decline for this year. Fitch Ratings raised Country Garden to investment-grade territory in 2017, but put the firm on watch for downgrade back to junk in June. "As long as I’m Defence Minister, we will do whatever it takes to ensure that morale is good and their spirits are high, Insya-Allah. He said it was a precautionary measure in tackling any possible food crisis in the future and ensure food sustainability, especially among armed forces personnel and the general public. Subscribe to Mid-day email alert We deliver news to your inbox daily .