by bondevalue | May 3, 2021 | China, Investment Grade Bonds
China Huarong’s vice president Xu Yongli said that there was no factual basis for the credit rating downgrades by rating agencies last week and asserted that the company is well prepared to make bond payments. According to Xu, the company has adequate liquidity...
by bondevalue | Apr 29, 2021 | China, Credit Ratings, Investment Grade Bonds
Rating agency Moody’s downgraded China Huarong to Baa1 from A3 and its Baseline Credit Assessment (BCA) to b2 from b1. Moody’s also downgraded the long-term backed senior unsecured debt ratings of Huarong AMC’s offshore financing vehicles to Baa2 from Baa1. They...
by bondevalue | Apr 28, 2021 | China, High Yield Bonds
Chinese state-owned banking major Industrial & Commercial Bank of China’s (ICBC) Singapore branch came to the rescue of distressed asset manager China Huarong Asset Management Co. with the former granting a S$600mn ($452mn) loan to the latter to repay its...
by bondevalue | Apr 27, 2021 | China, Credit Ratings, Investment Grade Bonds
China Huarong’s rating was slashed by Fitch by three notches from A to BBB with the company remaining on Rating Watch Negative. Fitch becomes the first of the 3 major agencies to downgrade Huarong. Fitch downgraded the ratings of the notes issued by Huarong...
by bondevalue | Apr 26, 2021 | China, Investment Grade Bonds
China Huarong Asset Management Co. announced that it will be further delaying the release of its annual earnings beyond the April 30 deadline. The company released a statement on Chinamoney.com, which is run by China Foreign Exchange Trade System that stated,...
