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Moody’s has withdrawn its ratings for several Chinese developers citing business reasons. The entities whose ratings were withdrawn include Jiangsu Zhongnan (Ca), CIFI (Ca), Powerlong (Caa2), Redsun (Ca), Times China (Ca), Zhenro Properties (Ca), Ronshine (Ca), Central China Real Estate (Ca), Logan (Caa2), China SCE (Ca). Also, Great Wall AMC (Baa3) saw its ratings get withdrawn by Moody’s. With the withdrawal of Moody’s ratings, barring Great Wall AMC (BBB+ rated by Fitch) all the other entities are not rated by either S&P and Fitch.
The dollar bonds of entities like Logan, CIFI continue to trade at deeply distressed levels of 10-11 cents on the dollar.