BEIJING, Aug 31 — Moody’s further downgraded the credit ratings of Chinese property developer Country Garden today as the heavily indebted firm faces a crucial vote to avoid defaulting on a bond repayment.
“The rating downgrades with negative outlook reflect Country Garden’s tight liquidity and heightened default risk, as well as the likely weak recovery prospects for the company’s bondholders,” said Kaven Tsang, a Senior Vice President of Moody’s. The ratings for Country Garden, China’s largest private developer in terms of sales last year, were last cut by Moody’s on August 10, dropping from B1 to Caa1.
Source: Loan Digest (loandigest.net)
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