Dollar bonds of Fosun Group dropped by 5-8% after its ratings withdrawal by Moody’s due to insufficient information. Fosun’s dollar bonds have been under pressure this year, losing ~20% of its value. The company is trying to manage its liquidity position amid a decline in the market value of its listed assets and execution risks related to its fundraising plans. The company has been focusing on strategic asset sales to repay its debts while its operating profit has been decreasing. As of end-2022 it had cash, bank balances and time deposits of RMB 100.5bn ($14.6bn) while total debt stood at RMB 227bn ($33bn).
Fosun’s Dollar Bonds Drop 5-8% After Ratings Withdrawal
