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CFLD’s Wuhan Yangtze River Center is not quite ready for the market
The impact of China’s crackdown on corporate debt came into clearer view in recent days as a former top 10 mainland developer confirmed last Friday that it was unable to repay holders of $530 million in dollar-denominated bonds that came due on 28 February.
That end-of-month admission by China Fortune Land Development, which has $4.6 billion in offshore debt, was followed on Monday by Fitch Ratings cutting a key issuer rating for the mainland builder to “restricted default”. Competing credit agency Moody’s Investors Service followed on Tuesday by downgrading CFLD’s corporate family rating from Caa1 to Caa3.
Bond Commission approves up to $300M in construction borrowing neworleanscitybusiness.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from neworleanscitybusiness.com Daily Mail and Mail on Sunday newspapers.
Brookline retains top bond ratings
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Town Administrator Mel Kleckner recently announced that the town of Brookline once again has received the highest possible bond ratings from two top credit rating services.
Standard and Poor’s has affirmed Brookline’s AAA rating, while Moody’s Investors Services again issued the town an Aaa rating. The ratings reflect the town’s consistent combination of strong financial conditions and very low credit risk. The ratings will apply to general borrowing, as well as approximately $168 million in new bonds approved by the town, which will finance for school capital needs, and general town capital needs including water system improvements.