Evergrande Cut by Moody’s, Faces Asset Freeze Petition Again

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Evergrande Cut by Moody’s, Faces Asset Freeze Petition Again

Bloomberg2021-08-03

Moody’s downgrades developer for second time since June. Evergrande has been offloading assets to ease funding pressure. China Evergrande Group’s woes deepened as an advertiser sought legal action ...

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Stanley97
·2021-08-03
Good
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Jagath
·2021-08-03
Nice
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PengsieX
·2021-08-03
It's going down
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ThuSGN
·2021-08-03
[微笑]
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Janetkaneki
·2021-08-03
Likes
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- Janetkaneki:
  Likes
  2021-08-05
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ThuSGN
·2021-08-03
[微笑]
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Teckleng88
·2021-08-03
Latest news
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- ILFTS:
  LiKe and comment please
  2021-08-03
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It’s asking a Shenzhen court to freeze some of the unit’s assets, including bank accounts, an exchangefilingshowed Tuesday.\nMeanwhile Moody’s lowered the credit grade on China’s most indebted developer by two notches to Caa1 with a negative outlook. Evergrande’s refinancing risk is “heightened” over the coming 12 to 18 months given its weakened funding access and liquidity position, Moody’s analysts led by Cedric Lai said in astatementlate Monday.\nThe downgrade followed similarrevisionsby Fitch Ratings and S&P Global Ratingslast week, and it’s thesecond cutby Moody’s since late June. 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It announcedplansthis week to sell more of its internet unit for HK$3.25 billion ($418 million) to ease funding pressure.\nTop Chinese politicians defined Evergrande’s financial problems as “liquidity stress” and not an insolvency, REDDreportedMonday, citing two unnamed sources. Evergrande plans to sell around 120 billion yuan ($18.6 billion) in assets and initiated talks with potential buyers such as China Jinmao Holdings Group in early June, REDD cited a third unidentified source as saying.\nMoody’s said Evergrande’s funding access has weakened, as demonstrated by its highly volatile onshore and offshore bond prices. Investors and creditors have become less confident amid continued negative news about the company, it added.\nA Caa level ratingreflects“very high credit risk” at a bond issuer. 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