Seazen Downgraded to BB; KWG Local Bondholders Seek Early Repayment
Seazen Group was downgraded to BB from BB+ by S&P, noting that its sales could “significantly decline due to its market positioning and weak homebuyer sentiment”. The rating agency expects Seazen’s sales to decline by 33-38% to RMB 145-156bn...
KWG downgraded to CCC+ by Fitch
Chinese property developer KWG was downgraded to CCC+ from B- by Fitch on rising refinancing risks. KWG has RMB 10.2bn ($1.5bn) debt maturities still due in 2022, including RMB 1.8bn ($270mn) bonds that turn puttable next month and $900mn bonds due in September. KWG...
KWG Downgraded to B- by Fitch
Chinese developer KWG Group was downgraded to B- from B by Fitch primarily due to its continuing decrease in contracted sales. This is expected to add further pressure on KWG’s operating cash flows and liquidity buffer. KWG’s contracted sales fell by 64%...
