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Moody’s eyes China Great Wall for trim
Moody's Investors Service said it placed China Great Wall Asset Management Co., Ltd.'s Baa1 long-term on review for downgrade.
Additionally, the agency also placed the (P)Baa2/(P)P-2 backed senior unsecured medium-term note program ratings and the Baa2 long-term backed senior unsecured debt rating of China Great Wall International Holdings III Ltd. on review for downgrade. The notes issued under the MTN program established by China Great Wall International Holdings III are guaranteed by China Great Wall AMC International Holdings Co Ltd. and supported by keepwell deeds from Great Wall AMC. Previously, the outlook on Great Wall AMC and China Great Wall International Holdings III was negative.
“Today's rating action is driven by the uncertainty over its credit profile triggered by the delayed publication of Great Wall AMC's 2022 annual results, which Moody's views as governance risks stemming from its weak compliance and reporting,” the agency said in a press release.
Exactly when Great Wall will publish its 2022 is unknown, Moody’s said.
“Moody's review will focus on (1) the company's progress in publishing its 2022 annual results; (2) the company's profitability, asset quality and capital position in 2022 on the backdrop of the stress in China's property market and capital markets; (3) whether the company can strengthen its core equity tier-1 capital through equity financing; and (4) whether the level of government support for Great Wall AMC and its offshore funding platforms will change,” the agency said.
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