This site uses cookies to provide you with a great user experience. By using BondbloX, you accept our use of cookies.
Bond Market News
Geely Auto Downgraded to HY Status of Ba1 by Moody’s
April 3, 2024
Geely Automobiles was downgraded by a notch to HY-status of Ba1 from Baa3 by Moody’s. The rating agency also downgraded Geely’s senior unsecured debt rating to Ba1. The downgrade reflects low profit margins which Moody’s does not expect to recover over the next 12-18 months. The margins of the company have been impacted due to continued investments in product development including those related to new energy vehicles and in its startup premium electric vehicle business Zeekr, Moody’s said. The rating agency has a stable outlook on the entity reflecting Geely’s competitive position in the China’s automobile market and its prudent financial strategy as evidenced by reduction in debt and good liquidity position.
Geely’s bonds traded stable with its 4% Perp at 98.4 cents on the dollar, yielding 6.47%.
Go back to Latest bond Market News
Related Posts:
CIFI Downgraded to BB- by S&P
September 8, 2022
Transocean Cut to CC on Distressed Debt Exchange
September 19, 2022
BondbloX Pte. Ltd. is regulated by the Monetary Authority of Singapore as a Recognised Market Operator ("RMO") and exempted from Section 49(1) of the Securities and Futures Act (Cap. 289) ("SFA") under Section 49(7) of the SFA.