Fitch Ratings and Moody’s Investors Service on Tuesday cut their ratings on Fantasia Holdings Group after the China-based home builder failed to repay its $206m senior notes that were due on Monday.
Fitch cut its rating to “restricted default” from “CCC-”, while Moody’s downgraded its rating to “Ca” from “B3”. Fitch also cut its rating on Fantasia’s US dollar bonds to “C” from “CCC-'”. With a market value of $415m, Fantasia is a minnow. But its missed deadline adds to worries that a credit crunch among Chinese developers could drive a broader crash in a sector that comprises about a quarter of the Chinese economy.
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