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 tianji holding ltd 6 November for the two Tianji bonds after the grace periods lapsed, tianji holding ltd. In addition, the company did not respond to our request for confirmation on the coupon payments.

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Tianji holding ltd

As it is not an exchange offer but a restructuring plan through the court, it should 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. Scenery Journey is one of the subsidiaries of Tianji Holding. Tianji Holding mainly engaged in property development in Mainland China. It has around 40 project companies in Mainland China. The following information is for reference only and the details are subject to the original announcement. The issuer also proposes credit enhancement measures and includes terms to protect the bondholders, including:. But the actual allocation amount should be based on a waterfall framework. Besides, the coupon terms of TJ New Bonds are roughly the same as Coupon Terms of SJ New Bonds, but the credit enhancement measures and terms to protect the bondholders are not the same. The details are as follows:. The recovery value of SJ New Bonds will depend on whether the related property projects could be operated as usual and whether the related underlying assets could be sold at a reasonable price. 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. After all, whether the holders receive the real cash are the key of holding these bonds. We believe that the holders of SJ Old Bonds could consider accepting the plans, which gives the company a few years to resume project operations and property sales and gradually dispose the assets on hand at a better price. Despite low visibilities of these factors at the moment, we believe that if the holders are willing to wait, they could expect to receive more cash from these bonds than the proceeds from directly selling at the current price.

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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 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. The recovery analysis assumes that Evergrande would be liquidated in a bankruptcy because it is an asset-trading company.

Tianji holding ltd

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.

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Related Articles. For every following month, all coupon shall be paid in cash. Corporate Finance: Leveraged Finance. CFI RegS. All options are inactive for the moment. Preview Bondsupermart channel. Get access. ESG Considerations 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. SPV ratings. We share our thoughts on new bond issues and hold discussions on the fixed income space. The issuer also proposes credit enhancement measures and includes terms to protect the bondholders, including:. Hengda Real Estate Group Co. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAA' to 'D'. Choose all Reset all. The principal sources of information used in the analysis are described in the Applicable Criteria.

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.

More Insights. Conversion and exchange. Fitch has withdrawn the ratings as Evergrande and its subsidiaries have chosen to stop participating in the rating process. Credit Update: StanChart ends off on a solid note. Best- and worst-case scenario credit ratings are based on historical performance. We are therefore assuming they were not paid. Tianji Holding has to hire an auditor by the end of this year to audit its financial statements. Fitch Ratings withdrew LT Int. Calculations for international bonds are made according to the minimum trading lot. Face value Minimum Settlement Amount. By using our site, you agree to our use of these technologies. We share our thoughts on new bond issues and hold discussions on the fixed income space. Preview Bondsupermart channel. We note that the company sold a