China slowdown puts energy firms under pressure
More defaults loom as sector needs to repay 200b yuan of debt this quarter
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Hong Kong
CHINA is cleaning up its act, and that hasn't been a good thing for energy bonds.
Faced with the weakest economic growth in more than two decades, companies from Baoding Tianwei Yingli New Energy Resources Co in renewables to Yaojie Coal & Electricity Group Co in fossil fuels are under pressure. Haitong Securities Co is warning of more defaults as the industry needs to repay a record 200 billion yuan (S$44.1 billion) of debt this quarter. Downgrades of energy notes accounted for 20 per cent of all local rating cuts this year.
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