The woes of Chinese developers are far from over, with major companies hit by fallout from credit downgrades and their failure to report results on time, forcing many to seek extensions on debt deadlines.S&P Global Ratings said on Wednesday that it had withdrawn its B- long-term issuer credit rating on Sunac China Holdings, the mainland’s fourth largest developer by sales last year, at the company’s request. The CCC+ long-term issue rating on the senior unsecured notes was also withdrawn.The…
Source : South China Morning Post
Read more…S&P downgrades Sunac China’s credit rating ahead of looming debt repayment deadlines
