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Fitch downgrades Cogard to BB+

HONG KONG, Aug 16 (IFR) - Fitch has downgraded Country Garden Holdings to BB+ from BBB–, meaning that the developer is now rated high-yield by all three global rating agencies. Fitch said the downgrade reflects Cogard's weakened financial flexibility due to challenges in the property sector. It said the developer has an adequate liquidity buffer but a decline in sales will put pressure on cash generation. The developer's offshore debt maturities in the next 12 months are a US$440m syndicated loan due in December and a US$617m 4.75% bond maturing in January 2023. The bond was trading at 70 on Tuesday morning. Cogard has been seen as a fallen angel since Moody's downgraded the company to Ba1 from Baa3 in June. The developer is rated BB+ by S&P, a rating it has maintained since 2018. (Reporting by Pan Yue; Editing by David Holland) ((yue.pan@refinitiv.com )) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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