Moody's Withdraws China Vanke's Baa3 Issuer Ratings, Assigns Ba1 Cfr & Downgrades Senior Unsecured Ratings Places All Ratings On Review For Downgrade
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Moody's has withdrawn China Vanke's Baa3 issuer ratings and downgraded its senior unsecured ratings, placing all ratings on review for downgrade. Moody's expects the volatile operating and funding conditions in China's property sector to continue to impact China Vanke's contracted sales. The rating actions reflect concerns over China Vanke's credit metrics, financial flexibility, and liquidity buffer weakening over the next 12-18 months. The review for downgrade also reflects concerns over the company's ability to recover sales and improve access to funding, as well as maintain an adequate liquidity buffer for refinancing needs.
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