[Alpha Biz=(Chicago) Reporter Paul Lee] Moody's, an international credit rating agency, has downgraded the credit rating of China's second-largest real estate company Vanke to "ineligible investment." Wanker is considered a large Chinese real estate company that has yet to face default, but some predict that it will not be able to avoid the liquidity crisis in the end.
According to foreign media, Moody's said on the 11th (local time) that it has lowered Vanke's credit rating by one level from Baa3, the lowest among investment ratings, to Ba1, an unqualified investment rating. Wanker is classified as a speculative rating according to the downward revision of this rating.
Moody's added that it is also considering further downwards.
"Currently, the company's operation and refinancing are normal and refinancing is stable," Vanke told Reuters on the 12th. "The impact of the lowering of the credit rating can also be controlled."
AlphaBIZ Paul Lee(hoondork1977@alphabiz.co.kr)
