Moody’s downgrades Chinese developer Country Garden deep into junk territory after company misses interest payments

  • 📰 MarketWatch
  • ⏱ Reading Time:
  • 23 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 12%
  • Publisher: 97%

Business News News

Business Business Latest News,Business Business Headlines

Moody’s Investors Service downgraded Country Garden Holdings Co. Ltd.’s rating to Caa1 from B1 early Thursday, after the Chinese developer failed to make...

Moody’s Investors Service downgraded Country Garden Holdings Co. Ltd.’s rating to Caa1 from B1 early Thursday, after the Chinese developer failed to make interest payments on dollar bonds earlier this week. “The downgrade reflects Country Garden’s heightened liquidity and refinancing risks in view of its deteriorated liquidity and financial flexibility, sizable refinancing needs and still-constrained access to funding,” said Kaven Tsang, a Moody’s senior vice president, in a statement.

“The downgrade reflects Country Garden’s heightened liquidity and refinancing risks in view of its deteriorated liquidity and financial flexibility, sizable refinancing needs and still-constrained access to funding,” said Kaven Tsang, a Moody’s senior vice president, in a statement. The developer missed $22.5 million of interest payments that were due Monday on debt with a face value of $1 billion, as the Wall Street Journal reported.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in BUSİNESS

Business Business Latest News, Business Business Headlines