CIFI Downgraded to BB-; Evergrande Mulling Asset Transfers to Property Unit to Pay Debt
Chinese property developer CIFI Holdings was downgraded to BB- from BB with a negative outlook by Fitch on the reduction in its liquidity buffer and higher leverage. In 1H 2022, its liquidity deteriorated with cash resources falling 30%. Fitch estimates that...
Sino-Ocean Downgraded to BB by Fitch; CIFI Cut to B1
Sino-Ocean Group was downgraded to BB from BB+ by Fitch and was kept on ‘rating watch negative’ due to the impact on its credit profile from aggressive financial management at associate company Sino-Ocean Capital Holding (SOC), 49% of which is owned by the...
CIFI Downgraded to BB- by S&P
CIFI was downgraded to BB- from BB with a negative outlook by S&P due to its increasing leverage. The rating agency sees a weakening sales outlook with muted property demand. It expects contracted sales to decline by 35-40% YoY to RMB 150-160bn ($21.5-23bn) in...
