Chinese Developer Vanke Cut to Junk Territory by Moody’s
- The builder is still rated investment grade at S&P and Fitch
- Firm’s shares, bonds recently hit record lows on debt worries
WATCH: Moody's Cuts China Developer Vanke Cut to Junk Territory
Source: Bloomberg
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Moody’s Ratings stripped state-backed developer China Vanke Co. of investment-grade credit rating and warned of potential further cuts, predicting credit metrics and liquidity will weaken because of falling home sales and funding uncertainties.
The rating firm withdrew Vanke’s Baa3 issuer rating and assigned a Ba1 corporate family rating, it said in a statement Monday night. All of Vanke’s ratings are on review for downgrade.