China: 11 B in Bond Offerings Canceled, Ratings Downgraded

In the wake of the second AA default (Yingkou Port having a AA+ rating) last week, ratings firms have begun downgrading their credit ratings. Twenty companies postponed or cancelled 11 billion yuan in bond offerings.
JRJ: 中融双创违约 蒙草生态评级调低
1. Zhongronghuang hit 597 million yuan in debt default, which was related to the expansion of its external guarantees and the deterioration of the regional financial environment.

  2. Ecology and Huayi Jiaxin were downgraded. 17 Mengcao Ecology SCP001, 17 Mongolian Ecology G1, 17 Mongolian Ecology SCP002 has its rating downgraded to A-, and its rating outlook is negative.

  3. The issuance of bonds by 20 companies such as Chongqing Expressway, Longyan Industry and Trade, Jintou Group and Yulin City Investment was postponed or cancelled, totaling 11.16 billion yuan.

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