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Aoyuan demoted from “B-” to “CCC-“

On the downgrade, Fitch says it reflects the diminishing likelihood that Aoyuan will refinance its $ 688 million government bonds due January 2022 after the company extended the repayment date of its Aochuang II asset-backed securities and appointed a financial adviser and a legal adviser. In other words, it presents a high refinancing risk.

In some context, Aoyuan has bonds of $ 188 million due January 20, 2022 and $ 500 million bonds due January 22.


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