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Moody’s lowers CIFI
Moody's Investors Service said it downgraded CIFI Holdings (Group) Co. Ltd.'s corporate family rating to B3 from B1 and senior unsecured rating to Caa1 from B2.
"The rating downgrade reflects CIFI's elevated refinancing risks over the next 6-12 months, driven by its weakened access to funding and weaker-than-expected contracted sales," said Cedric Lai, a Moody's vice president and senior analyst, in a press release.
The agency noted it forecasts contracted sales will plunge to around RMB 135 billion in 2022 and RMB 120 billion in 2023, from around RMB 247 billion in 2021, driven by anemic market conditions and lower homebuyers' confidence in CIFI’s products.
The outlook remains negative.
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