Industry Report Card: Asia-Pacific Real Estate Developers: China Sector Outlook Revised To Negative On Regulatory Tightening; Other Markets Are Stable Jun 11
- ID: 1857251
- June 2011
- Region: China
- Standard & Poors
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,...
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