LFRD: Country Garden rating downgrade and missed bond coupons cast a pall.
14 Aug 2023Sentiment towards the Chinese property sector continues to be negative following Moody’s latest rating action on Country Garden Holdings (the company is not rated by S&P and Fitch).
Moody’s cut its CFR and senior unsecured ratings to Caa1 and Caa2 respectively on 10th August (from B1, both) and the ratings remain on negative outlook. This is Moody’s second rating action this month, having cut the company’s ratings by one notch to B1 only a week earlier.
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