High-yield Chinese property developers’ credit ratios weaken only slightly in hypothetical 10% RMB depreciation scenario
August 29th 2019 (6.03mins)
Franco Leung, Kaven Tsang
Franco Leung and Kaven Tsang of the Corporates team discuss the effects of a hypothetical renminbi depreciation scenario on rated high-yield Chinese property developers.
Property – China: High-yield developers' credit ratios weaken only slightly if RMB depreciates about 10%
Revenue/adjusted debt and EBIT/interest decline only slightly for most of the 49 high-yield developers in this report in a hypothetical scenario in which RMB depreciates to 8.0 versus USD.