What’s new: Fitch Ratings downgraded Sunac China Holdings Ltd.’s long-term foreign-currency issuer default rating to BB- from BB with a negative outlook, citing the Chinese developer’s decreasing financial flexibility amid deteriorating market confidence.
Fitch said it expects the company to use its cash balances to repay maturing capital-market debt. Sunac has more than 12.3 billion yuan ($1.94 billion) of onshore public capital-market bonds maturing by the end of 2022 as well as $600 million of offshore bonds due in June and another $600 million due in August.
