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S&P lowers China VAST Industrial
S&P said it downgraded China VAST Industrial Urban Development Co. Ltd.’s rating to B- from B.
“We lowered the rating on VAST because the company's weakened liquidity is unlikely to materially improve over the next 12 months. This reflects our view that challenging land sales prospects at Longhe will constrain VAST's ability to replenish its liquidity from operating cash generation,” the agency said in a press release.
S&P noted, “The company's thin liquidity sources, including cash balance of about RMB 1.1 billion as of Dec. 31, 2021, and estimated operating cash flow, will be insufficient to cover its debt of about RMB 2.7 billion due in the 12 months ending December 2022.”
The outlook is stable.
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