S&P flags Guangzhou R&F for further rating downgrade
It thinks Chinese developer's cash flows and leverage could weaken more than earlier expectations
Singapore
WEAKENING cashflows and rising debts are putting the credit ratings of Hong Kong-listed Chinese developer Guangzhou R&F Properties Co - which is seeing slower sales in its home ground and Iskandar Malaysia - at risk of further downgrades.
Standard & Poor's (S&P) said on Tuesday that it has placed its 'BB-' long-term corporate credit rating on "CreditWatch with negative implications". Its decision on whether to downgrade the rating will be made within the next three months.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Singapore architectural firm wins US$28 million deal to light up mega theme park in Saudi Arabia
Cordlife hiring more technical and laboratory staff to ‘strengthen core processes’
Tesla’s China-made EV sales fall 18% y/y in April
Singapore stocks end lower even as regional markets rally; STI slips 0.1%
New Thai finance minister downplays row with central bank
South-east Asia increasingly used for illicit money flows, terrorist financing: US Treasury official