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Chinese property developer China Aoyuan has been downgraded to RD from C by Fitch following the company’s announcement on January 19 that it will not be making payments on four of its dollar bonds. Fitch has affirmed its senior unsecured ratings at C with a Recovery Rating of RR6, the lowest on the Recovery Rating scale with historical recovery values of just 0-10%. Fitch’s liquidation estimate reflects the value of balance sheet assets that could be realized in a sale or liquidation process, and assumes an Advance rate (Term of the Day, explained below) of:
Aoyuan’s dollar bonds continue to trade at distressed levels of 14-15 cents on the dollar.