Fitch Ratings has affirmed
The Outlook on the Long-Term IDRs is Negative. We have simultaneously withdrawn the ratings.
The ratings reflect the Chinese property sector's continued poor capital-market conditions, limiting
However, uncertainty remains over the sustainability of its sales, as well as the availability of its cash on hand. Fitch believes these risks are appropriately reflected at the current rating level. On the other hand, the ratings are supported by the company's strong market position, scale and diversification.
The Negative Outlook reflects Fitch's view that the sector's challenging operating and funding environment may persist, further dampening the company's financial flexibility.
The ratings have been withdrawn for commercial reasons.
Key Rating Drivers
For details on the key rating drivers, see 'Fitch Downgrades Country Garden to 'BB-'; Outlook Negative; Off RWN', published on
RATING SENSITIVITIES
Rating sensitivities are not applicable, as the ratings have been withdrawn.
Best/Worst Case Rating Scenario
International scale credit ratings of Non-Financial Corporate issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of four notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from '
Issuer Profile
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING
The principal sources of information used in the analysis are described in the Applicable Criteria.
ESG Considerations
Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. For more information on Fitch's ESG Relevance Scores, visit www.fitchratings.com/esg
Following the withdrawal of the ratings, Fitch will no longer be providing the associated ESG Relevance Scores.
RATING ACTIONS
Entity / Debt
Rating
Prior
LT IDR
BB-
Affirmed
BB-
LT IDR
WD
Withdrawn
BB-
LC LT IDR
BB-
Affirmed
BB-
LC LT IDR
WD
Withdrawn
BB-
senior unsecured
LT
BB-
Affirmed
BB-
senior unsecured
LT
WD
Withdrawn
BB-
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VIEW ADDITIONAL RATING DETAILS
Additional information is available on www.fitchratings.com
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