LONDON : Credit rating firm Moody's withdrew the ratings of default-striken Chinese property companies Modern Land and Fantasia on Friday blaming a lack of sufficient information from the firms.
Fantasia missed a bond payment in early October having said just two weeks previously that it had sufficient capital while Modern Land missed its first bond payment at the end of October. "Moody's has decided to withdraw the ratings because it believes it has insufficient or otherwise inadequate information to support the maintenance of the ratings," Moody's said in statements on both firms.
The Chinese property sector's woes have intensified further this week with both the poster child of the crisis, China Evergrande Group, and another major developer, Kaisa, defaulting on offshore bond payments.
Sell first talk later. Contagion is spreading.
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