by Amruth Sundarkumar | Sep 9, 2021 | China, Credit Ratings, Investment Grade Bonds
China Huarong Asset Management Co. and China Huarong International Holdings Ltd. have been downgraded by S&P to BBB from BBB+ and subsidiary China Huarong Financial Leasing Co. Ltd. (Huarong Financial Leasing) has been lowered to BBB- from BBB+. The rating outlook...
by Megha Malhotra | Aug 30, 2021 | China, Investment Grade Bonds
China Huarong Asset Management Co Ltd finally published results for the full year ended December 30, 2020 and the interim results for the six months ended June 30 on Sunday. The distressed asset manager reported a loss of RMB 102.9bn ($15.9bn) for 2020, in line with...
by Megha Malhotra | Aug 24, 2021 | China, Investment Grade Bonds
China Huarong Asset Management Co. (Huarong AMC) has been downgraded to Baa2 from Baa1 by Moody’s following the company’s announcement last week that the net losses attributable to shareholders in 2020 are expected to be as high as RMB 102.903bn ($16bn). The rating...
by Amruth Sundarkumar | Aug 19, 2021 | China, Investment Grade Bonds
China Huarong came out with a profit warning and a press release on Wednesday, in an update regarding its 2020 financial results that investors have been keenly awaiting since March. Below is a brief of the talking points and details offered by Huarong as mentioned on...
by Megha Malhotra | Aug 18, 2021 | China, Investment Grade Bonds
In the latest update, Huarong is set to receive CNY 50bn ($7.7bn) in fresh capital from state-owned conglomerate Citic Group as part of its recapitalization, as per Bloomberg sources. While details are yet to be finalized, the plan could change, they said. Existing...
