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

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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.

 

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