Moody's withdraws ratings of two Chinese property developers

Modern Land (China)

10/12/2021 16:01

LONDON, Dec 10 (Reuters) - Credit rating firm Moody's
withdrew the ratings of default-striken Chinese property
companies Modern Land  1107.HK  and Fantasia  1777.HK  on Friday
blaming a lack of sufficient information from the firms.
    Fantasia https://www.reuters.com/business/chinese-developer-fantasia-misses-repayment-deadline-2021-10-04
 missed a bond payment in early October having said just two
weeks previously that it had sufficient capital while Modern
Land https://www.reuters.com/world/china/chinas-modern-land-says-bond-default-triggers-earlier-repayment-deadlines-pulls-2021-11-01
 missed its first bond payment at the end of October.
    "Moody's has decided to withdraw the ratings because it
believes it has insufficient or otherwise inadequate information
to support the maintenance of the ratings," Moody's said in
statements on both firms.
    The Chinese property sector's woes have intensified further
this week with both the poster child of the crisis, China
Evergrande Group  3333.HK , and another major developer, Kaisa
 1638.HK , defaulting on offshore bond payments.  urn:newsml:reuters.com:*:nL1N2SU0DD

 (Reporting by Marc Jones; Editing by David Clarke)
 ((marc.jones@thomsonreuters.com; +44 (0)20 7513 4042; Reuters
Messaging: marc.jones.thomsonreuters.com@reuters.net  Twitter
@marcjonesrtrs))