Sino-Ocean Downgraded to BB+ from BBB-

Sino-Ocean Downgraded to BB+ from BBB-

Fitch has downgraded Chinese real estate company Sino-Ocean from BBB- to BB+. The rating agency expects the company's leverage, measured by net debt/net property assets, to remain above 50% for the next two years. The Chinese property sector is under heavy financial...

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Country Garden Warns of 70% Drop in Profits

Country Garden Warns of 70% Drop in Profits

Chinese property developer Country Garden (COGARD) said that it expects a 70% net profit dip to RMB 4.5-5.0bn ($660-740mn) in 1H 2022. Last year, the company posted a profit of RMB 15.2bn ($2.2bn) in 1H 2021. A tough business environment, financial stress in the real...

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DP World Posts Record Profits

DP World Posts Record Profits

Dubai’s DP World reported net profits of $884mn, a 51% YoY jump in 1H 2022 on stronger revenue growth and focus on high-margin cargo. Revenues grew 60% YoY to $7.9bn on the back of acquisitions and strong performance of feedering services (transshipment of goods from...

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Unifin Downgraded to RD by Fitch

Unifin Downgraded to RD by Fitch

Unifin Financiera was downgraded to RD from C by Fitch due to its uncured payment defaults on some of its credit facilities. As Unifin has not filed for bankruptcy or entered liquidation or any other formal winding-up process, the RD rating was considered appropriate...

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