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CHINA EVERGRANDE NEW ENERGY VEHICLE GROUP LIMITED

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China Evergrande New Energy Vehicle : Fitch downgrades China Evergrande to "CCC+" on rising liquidity pressure

07/28/2021 | 07:05am EDT
FILE PHOTO: An exterior view of China Evergrande Centre in Hong Kong

HONG KONG (Reuters) - Fitch downgraded China's most indebted property developer Evergrande Group on Wednesday to "CCC+" from "B" to reflect the company's diminishing margin of safety in preserving liquidity.

The downgrade comes after another rating agency, S&P, cut the company on Monday by two notches to "B-", with a negative outlook.

Fitch lowered the long-term foreign currency issuer default ratings (IDR) of Evergrande and its property units to "CCC+" from "B", while downgrading the senior unsecured ratings to "CCC" from "B-", with a recovery rating of "RR5".

The agency said recent negative news flow on Evergrande may weaken stakeholders' confidence, further pressuring its liquidity.

That has been heavily reliant on renewing short-term banking facilities and trust loans, continued access to trade payables and robust contracted sales to generate cash flow.

Worries over the developer's financial health intensified after Evergrande admitted in June it had not paid some commercial paper on time, and news last week that a Chinese court had frozen a $20 million bank deposit held by the firm at the request of Guangfa Bank.

Chinese rating agency China Chengxin Credit Rating Group (CCXI) also downgraded Evergrande's outlook to "negative" on Tuesday. The developer said it did not understand the decision, and that it will have a significant impact on its repayment ability.

Evergrande shares have fallen 60% so far this year.

(Reporting by Clare Jim; Editing by Jan Harvey)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CHINA EVERGRANDE GROUP -11.61% 2.36 End-of-day quote.-84.16%
CHINA EVERGRANDE NEW ENERGY VEHICLE GROUP LIMITED -23.37% 2.23 End-of-day quote.-92.62%
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Financials
Sales 2020 15 487 M 2 397 M 2 397 M
Net income 2020 -7 394 M -1 144 M -1 144 M
Net Debt 2020 62 534 M 9 678 M 9 678 M
P/E ratio 2020 -35,5x
Yield 2020 -
Capitalization 18 093 M 2 798 M 2 800 M
EV / Sales 2019 20,0x
EV / Sales 2020 18,5x
Nbr of Employees 14 493
Free-Float 25,2%
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Managers and Directors
Da Rong Pan Chief Financial Officer
Shawn Siu Chairman
Shing Yim Chau Independent Non-Executive Director
Jian Wen Guo Independent Non-Executive Director
Wu Xie Independent Non-Executive Director