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More downs than ups for China's junk bonds

Combined 35 rating cuts by S&P, Moody's exceed four upgrades

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UNSTEADY RIDE: Over half of China's high-yield companies tracked by CreditSights Inc lack enough unrestricted cash to cover short-term debt.

Hong Kong

CHINA'S junk bonds suffered nine times more downgrades than upgrades this year, and another issuer faced a final deadline on Friday after the first default by a developer.

A combined 35 rating cuts on the US dollar-denominated notes by Standard & Poor's and Moody's