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Bond Market News

Agile Downgraded to Caa1 by Moody’s

December 5, 2022

Agile Group was downgraded by Moody’s to Caa1 from B3 and it senior unsecured ratings were cut to Caa2 from Caa1. Moody’s believes that Agile’s liquidity will be inadequate over the next 12-18 months without access to new external financing or asset disposals to address its dues. Agile has ~RMB 40bn ($5.7bn) in public bonds & loans outstanding. There were reports that the Agile missed a coupon payment for an exchangeable bond due on 24 November, and will defer the payments due on 4 December for its $700mn 8.375% Perps. Agile’s property sales are expected to remain weak over the next 6-12 months and are set to weigh on its operating cash flow and liquidity. Through October 2022 its contracted sales fell 49% YoY to RMB 57.8bn ($8.2bn).

Agile’s dollar bonds were trading slightly higher at over 40 cents on the dollar.

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