Moody’s Investors Service has withdrawn its credit rating of debt-laden real estate developer China Evergrande Group due to insufficient information, the US rating agency said Tuesday, reports Nikkei Asia. The move is a sign of deepening uncertainty over major property developers in China, as peers Sunac China Holdings and Kaisa Group have also had their ratings pulled.
Moody’s said it also withdrew its ratings of Evergrande’s main subsidiaries. The ratings of China’s large developers were already at speculative grade as a result of financing difficulties. Some real estate companies, including Evergrande, still have not released 2021 earnings. Evergrande is drawing up a plan to restructure its foreign-currency-denominated debt.
In June, Fitch Ratings withdrew its rating of Evergrande, citing the developer’s refusal to participate in the process as one of the reasons.
