Tianji holding ltd

As it is not an exchange offer but a restructuring plan through the court, it tianji holding ltd be binding on all bondholders shall it becomes effective. It is important to note that Tianji Holding is a wholly-owned offshore subsidiary of Hengda Real Estate, the onshore entity of China Evergrande.

The non-payment is consistent with an 'RD' rating, signifying the uncured expiry of any applicable grace period, cure period or default forbearance period following a payment default on a material financial obligation. Non-Payment of Coupons: There has been no announcement from the company or the trustee regarding the coupon payments due 6 November for the two Tianji bonds after the grace periods lapsed. In addition, the company did not respond to our request for confirmation on the coupon payments. We are therefore assuming they were not paid. Failure to make coupon payments within the grace period is consistent with Fitch's definition of an 'RD' rating, as the company has experienced an uncured payment default on a material financial obligation but has not yet entered into bankruptcy filings, administration, receivership, liquidation, or other formal winding-up procedures, and has not otherwise ceased operating. Cross Default with Notes: Tianji is a restricted subsidiary of Evergrande, and the non-payment has triggered an event of default on Evergrande's bonds.

Tianji holding ltd

Fitch has withdrawn the ratings as Evergrande and its subsidiaries have chosen to stop participating in the rating process. Therefore, Fitch will no longer have sufficient information to maintain the ratings. Accordingly, Fitch will no longer provide ratings or analytical coverage for Evergrande and its subsidiaries. International scale credit ratings of Non-Financial Corporate issuers have a best-case rating upgrade scenario defined as the 99th percentile of rating transitions, measured in a positive direction of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario defined as the 99th percentile of rating transitions, measured in a negative direction of four notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are based on historical performance. Evergrande was a top-three Chinese property developer by contracted sales with a strong presence across China. The company also had businesses in electric vehicles, finance, healthcare and cultural tourism. The principal sources of information used in the analysis are described in the Applicable Criteria. China Evergrande Group has an ESG Relevance Score of '4' for Governance Structure to reflect its aggressive financial policy, including its investments in non-core businesses, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Additional information is available on www. Key Rating Drivers No longer relevant, as the ratings have been withdrawn.

We note that the company sold a Add issue to Watchlist.

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Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Tianji Holding Limited. Hong Kong, December 10, -- Moody's Investors Service "Moody's" has completed a periodic review of the ratings of Tianji Holding Limited and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology ies , recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since 1 January , Moody's practice has been to issue a press release following each periodic review to announce its completion. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Tianji Holding Limited's Tianji B2 corporate family rating reflects the company's standalone credit profile and a one-notch rating uplift, based on our expectation that its parent, Hengda Real Estate Group Company Limited Hengda, B1 , will provide financial support to Tianji in times of stress. The one-notch uplift reflects Hengda's full ownership of Tianji; Tianji's status as the primary offshore platform to do investment in property projects and raise offshore funds; and Hengda's track record of providing financial support to Tianji.

Tianji holding ltd

The non-payment is consistent with an 'RD' rating, signifying the uncured expiry of any applicable grace period, cure period or default forbearance period following a payment default on a material financial obligation. Non-Payment of Coupons: There has been no announcement from the company or the trustee regarding the coupon payments due 6 November for the two Tianji bonds after the grace periods lapsed. In addition, the company did not respond to our request for confirmation on the coupon payments. We are therefore assuming they were not paid. Failure to make coupon payments within the grace period is consistent with Fitch's definition of an 'RD' rating, as the company has experienced an uncured payment default on a material financial obligation but has not yet entered into bankruptcy filings, administration, receivership, liquidation, or other formal winding-up procedures, and has not otherwise ceased operating. Cross Default with Notes: Tianji is a restricted subsidiary of Evergrande, and the non-payment has triggered an event of default on Evergrande's bonds. Uncertaint y over Restructuring Plan: Evergrande announced on 6 December the formation of a Risk Management Committee that comprises the company's senior management, representatives from Guangzhou state-owned enterprises, such as Guangdong Holdings Limited and Guangzhou Yuexiu Holdings Limited, as well as representatives from financial institutions such as China Cinda Asset Management Co. There is limited information available on the company's restructuring plan at this stage. Evergrande, Hengda and Tianji's IDRs have been downgraded to 'RD' in line with our definition of an uncured payment default but there has been no initiation of bankruptcy filings, administration, receivership, liquidation, or other formal winding-up procedures as yet with business operations continuing.

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Country of risk. Placement amount. Please read our full Terms and Conditions section on the website. Tianji The recovery analysis assumes that Tianji would be liquidated in a bankruptcy because it is an asset-trading company. Visit our Privacy Policy to learn more or manage your personal preferences in our Tool. WKN RegS. Therefore, Fitch will no longer have sufficient information to maintain the ratings. Recommended For You. The proceeds should not be used for new projects. Fitch Ratings withdrew LT Int.

Related Content: China Evergrande Group. The affirmation of Evergrande's and Hengda's IDRs reflects the group's large business scale and diversification, but higher leverage and weaker liquidity than that of peers. The Stable Outlook reflects the expectation that the Evergrande will be able to deleverage after , with improving contracted sales and collection ratio, as well as its stated intention to reduce land acquisitions.

Additional information is available on www. Volume Placement amount. From 37 st to 48 th month after the issuance of the new bonds, at least 3. The recovery analysis assumes that Tianji would be liquidated in a bankruptcy because it is an asset-trading company. There is limited information available on the company's restructuring plan at this stage. Key Rating Drivers No longer relevant, as the ratings have been withdrawn. Choose all Reset all. These factors determine whether the companies have the ability to repay the first tranche of principal of SJ and TJ New Bonds and repay partial coupons in cash. China Evergrande Group. For swift navigation between sections. Cash flow. The liquidation estimate reflects Fitch's view of the value of balance-sheet assets that can be realised in sale or liquidation processes conducted during a bankruptcy or insolvency proceeding and distributed to creditors. We use technologies to personalize and enhance your experience on our site. Tianji Holding Limited.