This site uses cookies to provide you with a great user experience. By using BondbloX, you accept our use of cookies.
Bond Market News
Vanke Downgraded by Two Notches to CCC- by Fitch
August 29, 2025
China Vanke was downgraded by two notches to CCC- from CCC+ by Fitch. The rating agency cited weakening liquidity and underwhelming Q1 results, specifically weak sales and cash flows. It forecasts free cash flows (FCF) to remain negative in the near term, raising concerns over its capacity to service significant upcoming debt maturities. Fitch noted that the importance of continued and timely financial support from Vanke’s largest shareholder, the state-owned Shenzhen Metro Group (SZMG) was essential to address its obligations. SZMG recently extended a $454mn loan, helping GLP repay bonds.
Vanke’s 3.5% 2029s are trading stable at 74.2, yielding 11.4%.
To view the rating action, click here
Go back to Latest bond Market News
Related Posts:
Vanke Downgraded to B3 by Moody’s
January 20, 2025
China Vanke Downgraded to Caa1 by Moody’s
February 12, 2025
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.