Aoyuan Group downgraded by Fitch yet again after having been downgraded once already on 3 November
The company is being downgraded from 'B+' to 'B-' (after being downgraded on 3 November from 'BB' to 'B+') and now put on a negative rating watch.
On the downgrade, Fitch says that it reflects Aoyuan's "decreasing access to funding amid refinancing needs in the coming 12 months, in particular the USD688 million public senior notes due in January 2022."
Adding that "we believe the company has some options to address the upcoming maturities via asset disposals, which will take time and are subject to execution risks."
For some context, Aoyuan is one of Guangzhou's largest property developers so this just adds to the ongoing worries surrounding the sector in the Chinese market.