by Amruth Sundarkumar | Dec 20, 2022 | China, Distressed / Defaulted Bonds
Times China missed paying the coupon on its 5.55% 2024s that was due on December 4. While it has not yet paid the coupon, it noted that an “Event of Default” will only occur once the grace period of 30 consecutive days since the payment date expires. Its...
by Amruth Sundarkumar | Sep 21, 2022 | China, Corporates, Distressed / Defaulted Bonds
Chinese property developer Times China Holdings reported\ a 98.4% YoY fall in net profits to RMB 31.1mn ($4.4mn) for 1H 2022, on lower revenues which dipped 52.4% YoY to RMB 6.5bn ($920mn). The revenue drop was on account of the delay in construction progress caused...
by Amruth Sundarkumar | Aug 11, 2022 | China, Corporates, Credit Ratings, Distressed / Defaulted Bonds
Times China was upgraded by Fitch from C to CC, prompted by the Chinese developer’s timely repayment of coupons on its $350mn 5.75% 2027s and $500mn 6.75% 2023s, before the end of their one-month grace periods. This comes just 9 days after Fitch downgraded the...
by Amruth Sundarkumar | Aug 3, 2022 | China, Credit Ratings, Distressed / Defaulted Bonds
Times China has been downgraded from CCC+ to C following its failure to pay the coupon payments on its $350mn 5.75% 2027s and $500mn 6.75% 2023s, which were due on 14 July and 16 July respectively. It is currently in its 30-day grace period before it is considered to...
by Amruth Sundarkumar | Mar 11, 2022 | China, Credit Ratings, High Yield Bonds
Times China was downgraded to B+ from BB- by Fitch due to weakened financial flexibility as cash collection slowed in H2 2021 and tight capital markets. Slowing cash collection and costs for delivery of property have hurt its liquidity ratio (unrestricted...
