Kaisa Group downgraded to 'CCC+' on refinancing risk
Kaisa is a familiar name when it comes to this as it was the first Chinese property developer to default on its dollar bond coupon back in 2015. The firm came back from the dead to return to the debt market in 2019 but is facing more troubles once again now.
Just be wary that Kaisa has $3.2 billion of international bonds to repay next year, second only to Evergrande which has $3.5 billion.
Fitch says that the downgrade reflects Kaisa's limited funding access and uncertainty over refinancing of significant US dollar bond maturities and coupon payment through to 2022. This will be something to watch out for in the months ahead.
