Moody's Withdraws China Vanke's Baa3 Issuer Ratings, Assigns Ba1 Cfr & Downgrades Senior Unsecured Ratings Places All Ratings On Review For Downgrade
Moody's has withdrawn China Vanke's Baa3 issuer ratings and downgraded its senior unsecured ratings, placing all ratings on review for downgrade. Moody's expects the volatile operating and funding conditions in China's property sector to continue to impact China Vanke's contracted sales. The rating actions reflect concerns over China Vanke's credit metrics, financial flexibility, and liquidity buffer weakening over the next 12-18 months. The review for downgrade also reflects concerns over the company's ability to recover sales and improve access to funding, as well as maintain an adequate liquidity buffer for refinancing needs.
March 11 (Reuters) - China Vanke Co Ltd (000002.SZ) :
MOODY’S WITHDRAWS CHINA VANKE’S BAA3 ISSUER RATINGS, ASSIGNS BA1 CFR & DOWNGRADES SENIOR UNSECURED RATINGS; PLACES ALL RATINGS ON REVIEW FOR DOWNGRADE
MOODY’S- EXPECTS VOLATILE OPERATING AND FUNDING CONDITIONS FOR CHINA’S PROPERTY SECTOR TO CONTINUE TO DRAG ON CHINA VANKE’S CONTRACTED SALES
MOODY’S: RATING ACTIONS REFLECT EXPECTATION THAT CHINA VANKE’S CREDIT METRICS,FINANCIAL FLEXIBILITY, LIQUIDITY BUFFER TO WEAKEN OVER NEXT 12-18 MONTHS
MOODY’S - CHINA VANKE’S ACCESS TO LONG-TERM UNSECURED FUNDING REMAINS CONSTRAINED, REFLECTED IN THE VOLATILE PERFORMANCE OF ITS SECONDARY BOND PRICES
MOODY’S: REVIEW FOR DOWNGRADE REFLECTS CONCERN OVER CHINA VANKE’S ABILITY TO RECOVER ITS SALES AND IMPROVE ITS ACCESS TO FUNDING
MOODY’S: REVIEW FOR DOWNGRADE REFLECTS CONCERN OVER CHINA VANKE’S ABILITY TO MAINTAIN AN ADEQUATE LIQUIDITY BUFFER FOR ITS ONGOING REFINANCING NEEDS