Fitch to Withdraw Ratings on Country Garden Services

Dow Jones2023-11-13

By Sherry Qin

Fitch Ratings will withdraw all ratings on Country Garden Services next month, a move that comes months after it downgraded the sister company of troubled Chinese property giant Country Garden Holdings.

The ratings company said Monday it would drop coverage of CGS around Dec. 12 for "commercial reasons," without elaborating.

Fitch in August had downgraded CGS to BB+ from BBB-, saying its profitability and funding access "may be damaged by heightened liquidity pressure at its sister company." At the same time Fitch flagged the company as "rating watch negative," which it said captured the risk of erosion in liquidity and working capital.

Country Garden Holdings had more than $15 billion in international bonds and loans outstanding at the end of June, and last month missed a final deadline to pay interest on an offshore bond, The Wall Street Journal has reported.

CGS in August said it was good financial position after it posted a rise in sales in the first half of the year.

Write to Sherry Qin at sherry.qin@wsj.com

(END) Dow Jones Newswires

November 13, 2023 00:11 ET (05:11 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.

At the request of the copyright holder, you need to log in to view this content

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2383238708?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2023-11-13 13:11","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2383238708","market":"fut","top_or_hot":-1,"title":"Fitch to Withdraw Ratings on Country Garden Services","media":"Dow Jones","content":"<font class=\"NormalMinus1\" face=\"Arial\">\n<pre>\n \n</pre>\n<p>\n  By Sherry Qin \n</p>\n<pre>\n \n</pre>\n<p>\n   Fitch Ratings will withdraw all ratings on Country Garden Services next month, a move that comes months after it downgraded the sister company of troubled Chinese property giant Country Garden Holdings. \n</p>\n<p>\n  The ratings company said Monday it would drop coverage of CGS around Dec. 12 for \"commercial reasons,\" without elaborating. \n</p>\n<p>\n  Fitch in August had downgraded CGS to BB+ from BBB-, saying its profitability and funding access \"may be damaged by heightened liquidity pressure at its sister company.\" At the same time Fitch flagged the company as \"rating watch negative,\" which it said captured the risk of erosion in liquidity and working capital. \n</p>\n<p>\n  Country Garden Holdings had more than $15 billion in international bonds and loans outstanding at the end of June, and last month missed a final deadline to pay interest on an offshore bond, The Wall Street Journal has reported. \n</p>\n<p>\n   CGS in August said it was good financial position after it posted a rise in sales in the first half of the year. \n</p>\n<pre>\n \n</pre>\n<p>\n  Write to Sherry Qin at sherry.qin@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  November 13, 2023 00:11 ET (05:11 GMT)\n</p>\n<p>\n  Copyright (c) 2023 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Fitch to Withdraw Ratings on Country Garden Services</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFitch to Withdraw Ratings on Country Garden Services\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2023-11-13 13:11</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<pre>\n \n</pre>\n<p>\n  By Sherry Qin \n</p>\n<pre>\n \n</pre>\n<p>\n   Fitch Ratings will withdraw all ratings on Country Garden Services next month, a move that comes months after it downgraded the sister company of troubled Chinese property giant Country Garden Holdings. \n</p>\n<p>\n  The ratings company said Monday it would drop coverage of CGS around Dec. 12 for \"commercial reasons,\" without elaborating. \n</p>\n<p>\n  Fitch in August had downgraded CGS to BB+ from BBB-, saying its profitability and funding access \"may be damaged by heightened liquidity pressure at its sister company.\" At the same time Fitch flagged the company as \"rating watch negative,\" which it said captured the risk of erosion in liquidity and working capital. \n</p>\n<p>\n  Country Garden Holdings had more than $15 billion in international bonds and loans outstanding at the end of June, and last month missed a final deadline to pay interest on an offshore bond, The Wall Street Journal has reported. \n</p>\n<p>\n   CGS in August said it was good financial position after it posted a rise in sales in the first half of the year. \n</p>\n<pre>\n \n</pre>\n<p>\n  Write to Sherry Qin at sherry.qin@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  November 13, 2023 00:11 ET (05:11 GMT)\n</p>\n<p>\n  Copyright (c) 2023 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK1258","symbol_name":"房地产运营公司","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2383238708","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2383238708","pubTimestamp":1699852260,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"Fitch Ratings will withdraw all ratings on Country Garden Services next month, a move that comes months after it downgraded the sister company of troubled Chinese property giant Country Garden Holdings.The ratings company said Monday it would drop coverage of CGS around Dec. 12 for \"commercial reasons,\" without elaborating.Fitch in August had downgraded CGS to BB+ from BBB-, saying its profitability and funding access \"may be damaged by heightened liquidity pressure at its sister company.\" At the same time Fitch flagged the company as \"rating watch negative,\" which it said captured the risk of erosion in liquidity and working capital.Country Garden Holdings had more than $15 billion in international bonds and loans outstanding at the end of June, and last month missed a final deadline to pay interest on an offshore bond, The Wall Street Journal has reported.CGS in August said it was good financial position after it posted a rise in sales in the first half of the year.","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK1258":"房地产运营公司","BK1507":"粤港澳大湾区","BK1229":"房地产经营公司","BK1555":"内房股","06098":"碧桂园服务","BK1589":"北水核心资产","BK1521":"挪威政府全球养老基金持仓","BK1610":"ETF&股票定投概念","BK1542":"内地物业管理股","02007":"碧桂园","BK1240":"房地产开发"},"translate_title":"惠誉撤销碧桂园服务评级","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"06098":0.9,"02007":0.9},"content_text":"By Sherry Qin \n\n\n \n\n\n   Fitch Ratings will withdraw all ratings on Country Garden Services next month, a move that comes months after it downgraded the sister company of troubled Chinese property giant Country Garden Holdings. \n\n\n  The ratings company said Monday it would drop coverage of CGS around Dec. 12 for \"commercial reasons,\" without elaborating. \n\n\n  Fitch in August had downgraded CGS to BB+ from BBB-, saying its profitability and funding access \"may be damaged by heightened liquidity pressure at its sister company.\" At the same time Fitch flagged the company as \"rating watch negative,\" which it said captured the risk of erosion in liquidity and working capital. \n\n\n  Country Garden Holdings had more than $15 billion in international bonds and loans outstanding at the end of June, and last month missed a final deadline to pay interest on an offshore bond, The Wall Street Journal has reported. \n\n\n   CGS in August said it was good financial position after it posted a rise in sales in the first half of the year. \n\n\n \n\n\n  Write to Sherry Qin at sherry.qin@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  November 13, 2023 00:11 ET (05:11 GMT)\n\n\n  Copyright (c) 2023 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.35.13","shortVersion":"4.35.13","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2383238708","isCrawlerRequest":true}