Country Garden Becomes ‘Fallen Angel' With Downgrade to Junk [Business News Network (BNN) (Canada)]
Moody's Corporation (MCO)
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Source: Business News Network
soured for private-sector Chinese developers during the industry's cash crunch and sales slump. The country's largest builder by sales was downgraded one notch to Ba1, and Moody's ratings outlook is negative. The firm on Wednesday cited Country Garden's “declining property sales and deteriorating financial metrics,” as well as weakened access to long-term funding. The developer told Bloomberg News that Moody's move won't impact its debt-servicing ability and financing capability. It separately announced Thursday that it will repurchase $411 million of notes that mature July 25 through a tender offer launched last week. Country Garden now has two junk-level ratings from major international credit assessors. S&P Global Ratings hasn't deemed the developer investment grade since 2008, according to data compiled by Bloomberg. Meanwhile, Wednesday saw other builders including Greenland Holding Group Co. and Guangzhou R&F Properties Co. receive downgrades. Bond defaults since late la
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