S&P is really warming into its job of being a pro-cyclical agent of destruction:
A third of China’s property developers could see their liquidity “acutely strained” in the worst case scenario as weaker sentiment and new regulations weigh on their funding sources, said S&P Global Ratings.
More than half of its rated portfolio of Chinese developers are “most at risk” under such a scenario as their bonds are rated from “B-” to “B+”, or two levels below investment grade, it said.
