Yes, the greatest and least covered bearish show on earth keeps getting worse. The pounding of Chinese developers is as severe as it is relentless. Here’s one day’s headlines:
Moody’s Cuts Zhenro, Changes Outlook to Negative (6:02 p.m. HK)
Moody’s downgraded Zhenro Properties Group Ltd.’s corporate family rating to B3 from B1, and the company’s senior unsecured ratings to Caa1 from B2. A negative outlook reflects “the uncertainties around Zhenro’s ability to address its debt maturities over the next 6-12 months.”
S&P Withdraws ‘B’ Rating on Zhonglian (5:47 p.m. HK)
S&P Global Ratings said that it has withdrawn its ‘B’ long-term issuer credit rating on Zhongliang Holdings Group Co. Ltd. at the company’s request. The rating outlook was negative at the time of the withdrawal.
Zhenro Moves Three Bonds to Institutional Investor Trading Only (4.59 p.m. HK)