(Yicai Global) Feb. 20 -- US Fitch Ratings has adjusted Landsea Green Properties's credit rating to low from high based on the Chinese real estate firm's recent bond issuance.
Fitch Ratings fixed the rating due to the target firm's refinancing, the New York-headquartered company wrote in a report released yesterday.
On Feb. 18, Landsea refuted the US credit rating agency's claim that the Nanjing-based firm is facing high debt refinancing risks amid the new coronavirus epidemic. The Chinese real estate company has sufficient working capital for this year, it added.
Landsea issued USD200 million in overseas bonds last month to replace a similar sum due in April. By the end of last year, it had around CNY2.4 billion (USD343.4 million) in debts maturing within one year and its cash reserves amounted to about CNY4.8 billion.
Landsea's stock price [HK: 0106] fell 2.6 percent to HK 74 cents (US 10 cents) today.
Editor: Emmi Laine