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Teckleng88
2021-08-03

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

Moody’s downgrades developer for second time since June. Evergrande has been offloading assets to ea

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

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ILFTS
·2021-08-03
LiKe and comment please
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It’s asking a Shenzhen court to freeze some of the unit’s assets, including bank accounts, an exchangefilingshowed Tuesday.</p>\n<p>Meanwhile 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.</p>\n<p>The downgrade followed similarrevisionsby Fitch Ratings and S&amp;P Global Ratingslast week, and it’s thesecond cutby Moody’s since late June. The move by Leo Group may hamper sales campaigns by Evergrande, which has been aggressively marketing its property projects to raise cash, according to Bloomberg Intelligence analyst Kristy Hung.</p>\n<p>“Evergrande’s liquidity challenges could heighten with a lawsuit by a marketing partner seeking the freezing of some assets of subsidiary Hengda for a payment,” Hung wrote.</p>\n<p>Shares of Evergrande slid as much as 9.5% in Hong Kong trading on Tuesday, and are down 65% this year. The developer’s 6.98% local note due 2022 declined 1.2% to 61.74 yuan, reversing Monday’s gain.</p>\n<p>The property giant has resorted to offloading assets as it tries to reassure investors about its financial health and meet China’s so-calledthree red lines-- requirements that curb developers’ debt ratios. It announcedplansthis week to sell more of its internet unit for HK$3.25 billion ($418 million) to ease funding pressure.</p>\n<p>Top 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.</p>\n<p>Moody’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.</p>\n<p>A Caa level ratingreflects“very high credit risk” at a bond issuer. The category below that, Ca, means Moody’s considers the issuer to be either in or very near default.</p>","source":"lsy1584095487587","collect":0,"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>Evergrande Cut by Moody’s, Faces Asset Freeze Petition Again</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\">\nEvergrande Cut by Moody’s, Faces Asset Freeze Petition Again\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-03 15:57 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2021-08-03/evergrande-cut-by-moody-s-faces-another-asset-freeze-petition?srnd=markets-vp><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Moody’s downgrades developer for second time since June.\nEvergrande has been offloading assets to ease funding pressure.\n\nChina Evergrande Group’s woes deepened as an advertiser sought legal action ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-08-03/evergrande-cut-by-moody-s-faces-another-asset-freeze-petition?srnd=markets-vp\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"03333":"中国恒大"},"source_url":"https://www.bloomberg.com/news/articles/2021-08-03/evergrande-cut-by-moody-s-faces-another-asset-freeze-petition?srnd=markets-vp","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170731978","content_text":"Moody’s downgrades developer for second time since June.\nEvergrande has been offloading assets to ease funding pressure.\n\nChina Evergrande Group’s woes deepened as an advertiser sought legal action for payments and its credit rating was cut again by Moody’s Investors Service.\nIn thelatest moveby a creditor to protect its assets, Leo Group Co. said it filed a lawsuit against Evergrande’s Hengda Real Estate unit to pay for advertisements. 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. The move by Leo Group may hamper sales campaigns by Evergrande, which has been aggressively marketing its property projects to raise cash, according to Bloomberg Intelligence analyst Kristy Hung.\n“Evergrande’s liquidity challenges could heighten with a lawsuit by a marketing partner seeking the freezing of some assets of subsidiary Hengda for a payment,” Hung wrote.\nShares of Evergrande slid as much as 9.5% in Hong Kong trading on Tuesday, and are down 65% this year. The developer’s 6.98% local note due 2022 declined 1.2% to 61.74 yuan, reversing Monday’s gain.\nThe property giant has resorted to offloading assets as it tries to reassure investors about its financial health and meet China’s so-calledthree red lines-- requirements that curb developers’ debt ratios. 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. The category below that, Ca, means Moody’s considers the issuer to be either in or very near default.","news_type":1},"isVote":1,"tweetType":1,"viewCount":409,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":10,"xxTargetLangEnum":"ORIG"},"commentList":[{"id":5412457,"commentId":"5412457","gmtCreate":1627978025103,"gmtModify":1635161237214,"authorId":3562921834163798,"author":{"id":3562921834163798,"idStr":"3562921834163798","authorId":3562921834163798,"name":"ILFTS","avatar":"https://static.tigerbbs.com/4e8eb567072e2b7f82acb5ce6ecab099","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":804703834,"objectIdStr":"804703834","type":1,"supId":0,"supIdStr":"0","prevId":0,"prevIdStr":"0","content":"LiKe and comment please ","text":"LiKe and comment please ","html":"LiKe and comment please ","likeSize":0,"commentSize":0,"subComments":[],"verified":10,"allocateAmount":0,"commentType":"valid","coins":0,"score":0}],"hasMoreComment":true,"orderType":2}