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...
Sino-Ocean Downgraded to Ba2 by Moody’s
Sino-Ocean and its senior unsecured notes were downgraded to Ba2 from Ba1 by Moody’s while its perps were cut to B1 from Ba3. The developer’s credit profile has weakened and its funding access has deteriorated, they said. Besides, the company’s...
Chinese Property Sector Posts Worst Earnings Since 2008; CIFI’s Dollar Bonds Down 5% after Top-Up Placement at 12% Discount
China’s property sector has produced its worst half yearly earnings season yet since 2008, as per Bloomberg’s analysis of 136 developers. Net income across these companies dropped a massive 87% in during this period to a mere RMB 17.6bn ($2.5bn). The...
