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China Cinda AMC was downgraded by a notch to A- by Fitch. Alongside, Fitch also downgraded the other three national AMCs – China Orient AMC, China Huarong AMC and China Great Wall AMC by a notch to A-, BBB and BBB respectively. The downgrade reflects Fitch’s reduced expectations of government support to the national AMCs due to the inconsistent support stance of the government towards AMCs during their period of financial underperformance and capital constraints. For instance, there were significant delays in China Huarong’s 2021 capital injection and China Great Wall’s 2022 financial report publication. Fitch has kept the outlook on Cinda as stable and other three AMCs as negative, as it awaits their FY 2023 financials to determine if there is any additional deterioration in their standalone credit profiles.
Cinda’s dollar bonds traded stable with its 3.25% 2027 at 94.1 cents on the dollar, yielding 5.4%