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Seazen Group was downgraded to B from B+ by S&P. Due to market weakness and Seazen’s “shrinking land bank”, S&P expects its 2024 sales at RMB 48-52bn ($6.6-7.2bn) vs. RMB 76bn ($10.5bn) in 2023. The rating agency noted that Seazen’s business mix is shifting toward investment properties as compared to their traditional property development focus. On the positive side, S&P notes that the government’s “whitelist” program should help Seazen’s project-level financing. Also, despite lower sales, S&P expects a positive net cash flow for its property development segment in 2024 due to a drop in construction expenditure.
Sezen’s dollar bonds inched higher – its 4.5% 2026s were up 1.2 points to 35.96.