Fitch and Moody’s slash ratings as property developer’s missed debt payment signals distress is spreading from embattled Evergrande
Fitch Ratings and Moody’s Investors Service on Tuesday cut their ratings on Fantasia Holdings Group after the China-based home builder failed to repay its $206m senior notes that were due on Monday.
Fitch cut its rating to “restricted default” from “CCC-”, while Moody’s downgraded its rating to “Ca” from “B3”. Fitch also cut its rating on Fantasia’s US dollar bonds to “C” from “CCC-'”. With a market value of $415m, Fantasia is a minnow. But its missed deadline adds to worries that a credit crunch among Chinese developers could drive a broader crash in a sector that comprises about a quarter of the Chinese economy.
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