S&P Downgrades China Vanke to Junk on Weakening Sales, Margins
- Rating cut follows similar recent moves by Moody’s and Fitch
- Negative outlook reflects expectations sales will fall further
This article is for subscribers only.
S&P Global Ratings downgraded China Vanke Co. to junk, underscoring mounting pressure on the state-backed developer as it faces a cash crunch and increased scrutiny from investors.
S&P lowered the company’s credit score to BB+ with negative outlook, it said in a statement on Wednesday. Moody’s Ratings and Fitch Ratings also downgraded China Vanke to junk recently.