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Moody's Downgrades CHINA VANKE Corporate Family Rating to 'Caa2' w/ 'Negative' Outlook
Recommend 2 Positive 2 Negative 1 |
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Moody's announced that it has downgraded the following ratings of CHINA VANKE (02202.HK)(000002.SZ) and its wholly-owned subsidiary, Vanke Real Estate (Hong Kong): (1) CHINA VANKE's corporate family rating (CFR) from Caa1 to Caa2; (2) Backed senior unsecured rating on the medium-term note (MTN) program of Vanke Real Estate from (P)Caa2 to (P)Caa3; (3) Backed senior unsecured rating on the bonds issued by Vanke Real Estate from Caa2 to Caa3. The MTN program and senior unsecured bonds are supported by a deed of equity interest purchase undertaking and a keepwell deed between CHINA VANKE, Vanke Real Estate and the bond trustee. Moody's also maintained the negative outlooks of the above entities. The downgrade and negative outlook reflect further deterioration in CHINA VANKE's liquidity over the next 6-12 months, which is driven by persistently sluggish sales performance, Daniel Zhou, Assistant Vice President and Analyst at Moody's, said. In view of its sizable near-term debt maturities, Moody's expected refinancing risks to continue to heighten. AASTOCKS Financial News Website: www.aastocks.com |
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