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Bond Market News
Vanke Downgraded to B+ by Fitch
September 13, 2024
China Vanke has been downgraded by a notch to B+ from BB- by Fitch. The downgrade reflects liquidity pressures on the company following poor sales and cash flow generation in the first interim results reported last week, where it saw its first loss in over two decades. However according to Fitch, the company will be able to address its sizable debt maturities in 2025 as a result of its access to onshore secured funding and proceeds from contracted asset disposals. Earlier, last week S&P had downgraded Vanke to BB- following its weak interim results. Fitch has a negative outlook on the entity reflecting uncertainty on stabilization of sales of Vanke and property sector in the near to medium term.
Vanke’s dollar bonds recovered slightly after seeing massive drop over the past few days. Its 3.15% 2025 traded up by 1 point to 76.8 cents on the dollar.
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