S&P downgrades Chinese state-backed developer Greenland

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by Boo_Randy

Meanwhile, in China, more dominoes are getting ready to topple over.


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Ratings agency Standard & Poor’s on Monday downgraded Chinese state-backed property developer Greenland over fears the company would default on a bond payment.

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Since a government drive to curb excessive debt in the property sector, China’s developers have sagged under the weight of massive borrowing which funded their building sprees.

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S&P said in a note on Monday that it was downgrading Greenland from B- to CC as it believed the developer was “vulnerable to nonpayment of its senior notes upon maturity”.

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