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Rating Action:

Moody's downgrades Jiangsu Zhongnan's ratings to Ca/C; outlook remains negative

09 Nov 2022

Hong Kong, November 09, 2022 -- Moody's Investors Service has downgraded Jiangsu Zhongnan Construction Grp Co., Ltd.'s corporate family rating (CFR) to Ca from Caa2, and the senior unsecured rating on the bonds issued by Haimen Zhongnan Investment Dev (Intl) Co Ltd and guaranteed by Jiangsu Zhongnan to C from Caa3.

The rating outlooks remain negative.

"The downgrade reflects our expectation of weak recovery prospects for Jiangsu Zhongnan's bondholders, following the company's interest payment default on its USD bond," says Cedric Lai, a Moody's Vice President and Senior Analyst.

"The negative outlook reflects our view that recovery prospects for Jiangsu Zhongnan's creditors could weaken further if the interest payment default extends to a wider default of other debts," adds Lai.

RATINGS RATIONALE

Jiangsu Zhongnan announced on 7 November 2022 that it had missed the interest payment on its outstanding offshore bond [1]. The interest payment default reflects the company's weak liquidity and constrained financial flexibility, and weak recovery prospects for its creditors. It could also trigger a cross default and accelerate the repayment of the company's other debt obligations. The company would have to rely on asset disposals or other fundraising plans for debt servicing. However, there are high uncertainties associated with such fundraising activities.

Haimen Zhongnan Investment Dev (Intl) Co Ltd's C senior unsecured debt rating is one notch lower than Jiangsu Zhongnan's CFR due to structural subordination risk. This risk reflects the fact that the majority of claims are at the operating subsidiaries and have priority over Jiangsu Zhongnan's senior unsecured claims in a bankruptcy scenario. In addition, the holding company lacks significant mitigating factors for structural subordination. As a result, the expected recovery rate for claims at the holding company will be lower.

In terms of environmental, social and governance (ESG) considerations, Moody's has considered the company's concentrated ownership by Zhongnan Urban Construction Investment Co., Ltd., which had a 52.09% stake in the company as of 05 November 2022, and the risks posed by its shareholder's share pledge financing. The agency has also considered Jiangsu Zhongnan's elevated financial risk associated with debt restructuring as it defaults on its interest payment.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Moody's could further downgrade Jiangsu Zhongnan's CFR if the recovery prospects for its creditors deteriorate.

An upgrade is unlikely, given the negative outlook.

However, positive rating momentum could develop if Jiangsu Zhongnan repays its maturing debt obligations and materially improves its liquidity.

The principal methodology used in these ratings was Homebuilding and Property Development published in October 2022 and available at https://ratings.moodys.com/api/rmc-documents/394515. Alternatively, please see the Rating Methodologies page on https://ratings.moodys.com for a copy of this methodology.

Jiangsu Zhongnan is based in China's Jiangsu Province and principally engages in property development and construction services. It had a total land bank of around 37.0 million square meters as of June 2022.

The company was founded by Chen Jinshi, who has been in China's construction business since 1988. It listed on the Shenzhen Stock Exchange in 2009.

REGULATORY DISCLOSURES

For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody's Rating Symbols and Definitions can be found on https://ratings.moodys.com/rating-definitions.

For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the issuer/deal page for the respective issuer on https://ratings.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

The ratings have been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.

These ratings are unsolicited.

a.With Rated Entity or Related Third Party Participation: NO

b.With Access to Internal Documents: NO  

c.With Access to Management: NO

For additional information, please refer to Moody's Policy for Designating and Assigning Unsolicited Credit Ratings available on its website https://ratings.moodys.com.

Moody's considers a rated entity or its agent(s) to be participating when it maintains an overall relationship with Moody's. Unless noted in the Regulatory Disclosures as a Non-Participating Entity, the rated entities are participating and the rated entities or their agent(s) generally provide Moody's with information for the purposes of its ratings process. Please refer to https://ratings.moodys.com for the Regulatory Disclosures for each credit rating action, shown on the issuer/deal page, and for Moody's Policy for Designating Non-Participating Rated Entities, shown on https://ratings.moodys.com.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at https://ratings.moodys.com/documents/PBC_1288235.

The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the EU and is endorsed by Moody's Deutschland GmbH, An der Welle 5, Frankfurt am Main 60322, Germany, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that issued the credit rating is available on https://ratings.moodys.com.

The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the UK and is endorsed by Moody's Investors Service Limited, One Canada Square, Canary Wharf, London E14 5FA under the law applicable to credit rating agencies in the UK. Further information on the UK endorsement status and on the Moody's office that issued the credit rating is available on https://ratings.moodys.com.

REFERENCES/CITATIONS

[1] Jiangsu Zhongnan's filings to Hong Kong Stock Exchange 7-Oct-2022

Please see https://ratings.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the issuer/deal page on https://ratings.moodys.com for additional regulatory disclosures for each credit rating.

The first name below is the lead rating analyst for this Credit Rating and the last name below is the person primarily responsible for approving this Credit Rating.

Yiwei Daniel Zhou
Analyst
Corporate Finance Group
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong,
China (Hong Kong S.A.R.)
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

Franco Leung
Associate Managing Director
Corporate Finance Group
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

Cedric Lai
Vice President - Senior Analyst
Corporate Finance Group
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

Releasing Office:
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong,
China (Hong Kong S.A.R.)
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

No Related Data.
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