More Downgrades Are Likely For Chinese Developers Amid Asia Property Downturn, Says S&P Report Mar 12
- Language: English
- Published: March 2012
- Region: Asia, China
China's property developers are facing heightened pressure on sales and more aggressive leverage. Issuers typically have limited headroom in the financial covenants of their offshore financing instruments and many rated companies are moving closer to our rating downgrade triggers. Any meaningful slippage in sales this year could significantly weaken the developers' cash flow protection measures while their capital structures are aggressive. Given the challenging conditions, Standard & Poor's Ratings Services has revised the outlook for the Chinese sector to negative from stable. For the rest of the Asia-Pacific region, credit outlooks are likely to remain stable, supported by economic growth and low interest rates. But some markets will face inflationary and policy risks. (Watch the related CreditMatters TV segment titled,...
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
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