was downgraded to B+ from BB- by S&P due to sizeable near-term maturities and tightening funding access amid weak market confidence on the property sector; outlook is negative. The downgrade comes a week after Agile said that it agreed to sell 14 properties for $439mn
. Agile has sizeable debt of RMB 11-12bn ($1.7-1.9bn) in onshore bonds, offshore senior notes, and offshore bank borrowings due in 1H2022, and RMB 6.5-7bn ($1-1.1bn) due in 2H2022, whereas its cash level stands at RMB 35-45bn ($5.5-7bn), of which only 25-35% is readily accessible at the onshore and offshore holding company level, as per S&P. The negative outlook on Agile reflects S&P’s view that Agile’s liquidity “could further deteriorate over the next 12 months due to weaker-than-expected cash generation from operations and asset sales, as well as declining funding access”.