by Amruth Sundarkumar | Nov 17, 2021 | China, Credit Ratings, Distressed / Defaulted Bonds
China Aoyuan was downgraded to CCC from B by S&P on reasons of liquidity crunch. S&P believes Aoyuan needs external capital to repay $500mn of its bonds due January 2022 with the company also having another $188mn in 364-day notes due around the same time....
by Amruth Sundarkumar | Nov 10, 2021 | Credit Ratings, Distressed / Defaulted Bonds, High Yield Bonds
Kaisa Group was downgraded to CCC- from CCC+ by Fitch given that its liquidity has further deteriorated. “Kaisa’s credit risk is high due to tight liquidity, undisclosed debt from wealth-management products, potential pressure to address non-capital market...
by Amruth Sundarkumar | Nov 8, 2021 | China, Distressed / Defaulted Bonds
Kaisa Group has put 18 property projects in Shenzhen worth RMB 81.8bn ($12.8bn) on an auction block. The projects cover over 1.45mn square meters of land and includes its RMB 29.8bn ($4.7bn) renovation of the Dongjiaotou shanty town in Shenzhen’s Nanshan district....
by Amruth Sundarkumar | Nov 5, 2021 | China, Credit Ratings, High Yield Bonds
Kaisa was downgraded to CCC+ from B with a negative outlook by S&P on diminishing liquidity and elevated refinancing risk. Kaisa has about $3.2bn in principal of offshore bonds due by October 2022. S&P estimates its liquidity sources to be less than 1x its...
by Amruth Sundarkumar | Nov 1, 2021 | China, Credit Ratings, High Yield Bonds
Kaisa was downgraded two-notches to Caa1 by Moody’s from B2 with a negative outlook. Its senior unsecured ratings were down to Caa2 from B3 due to structural subordination risk. The downgrade was on the back of Kaisa’s “heightened refinancing risks...
