Chinese property developers have been hit by record numbers of downgrades from international credit rating agencies this year, as Evergrande’s collapse fuels concerns over the health of China’s economy.
The downgrades come after Beijing introduced measures last year to cool an overheating property market and a liquidity crisis that is threatening to spread to more trusted borrowers.
Moody’s, Fitch and S&P downgraded Chinese developers’ ratings 43, 54 and 30 times, respectively, in 2021, compared to 6, 12 and 11 in 2020, adding further pressure on their ability to refinance offshore debt during a housing slowdown.
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