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CHINA VANKE Downgraded by Fitch Again; Shrs Slip 5%+
Recommend 5 Positive 5 Negative 8 |
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Rating agency Fitch downgraded CHINA VANKE (02202.HK)(000002.SZ) again, lowering its Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) to 'BB-', from 'BB+'. The Outlook is Negative. The ratings have been removed from Rating Watch Negative. According to Fitch, the downgrade reflected CHINA VANKE’s sales miss YTD and thinner liquidity cushion. The continued sales deterioration was expected to affect the funding from non-banking sources, which will make the company more reliant on cash on hand, asset concessions, and secured onshore financing to meet a certain amount of debt maturing in 2024 and 2025. The negative outlook reflected that even with stronger government support, CHINA VANKE’s sales and the industry's sales are still at risk, which will dampen the company's cash liquidity and asset flows. However, the broker believed that CHINA VANKE’s has sufficient liquidity to meet its short-term debt repayment needs. CHINA VANKE’s shares slid this morning, now trading at $6.43, down $0.39 or 5.72%, with 56.6 million shares traded and turnover amounting to $371 million. The Shenzhen-listed A-share last stood at $9.14, down 4.39%. AAStocks Financial News |
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