China Lianhe Rating Co has downgraded the issuer and bond credit rating of Sincere Property’s five corporate bonds to AA- from AA.

Sincere Property is a joint venture (JV) of property group City Developments Limited (CDL).

The bonds, which total some RMB3.04 billion ($622.3 million), will mature in 2021.

The bond issues were made before CDL’s investment in Sincere on April 2020.

The credit rating downgrade has no impact on CDL’s borrowings; the group is not committed to the obligations of these bonds.

As at Dec 31, 2020, CDL’s total investment in Sincere Property stood at $1.8 billion. The group has not provided further liquidity support or corporate guarantees to Sincere Property.

Shares in CDL closed 1 cent higher or 0.1% up at $7.13 on Feb 19.

<hr/><strong>See: <a href="https://www.theedgesingapore.com/news/company-news/cdl-oversold-following-family-disagreements-over-sincere-and-mc"  target="_blank">Is CDL oversold following the family disagreements over Sincere and M&C?</a></strong><hr/>

CDL's Sincere Property RMB Bonds downgraded to AA-

RHB keeps ‘buy’ on Prime US REIT with promising leasing momentum

Sarine gets an upgrade by DBS as growing trade revenues expect to lift margins

Analysts positive on Hyphens Pharma as 1Q results beat expectations

NTU and CSA launch a one-stop facility for cybersecurity evaluation and certification 

72% of organisations have had attacks on their backup repositories

Can automation help your company fight the Great Resignation?

Centurion acquires student accomodation in UK for $18 mil as market recovers

CDL's Sincere Property RMB Bonds downgraded to AA-

Related Stories

Highlights

Grab narrows loss by 35% to US$435 million in 1QFY2022

Related Stories

China Stops Reporting Bond Trades by Foreigners After Selloff

OUE C-REIT prices $100 mil 4.2% fixed rate notes with coupon step-down trigger upon re-rating

RHB lifts CDL's TP to $9.75 as stars align for the group's path to recovery