/raid1/www/Hosts/bankrupt/TCRAP_Public/241231.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Tuesday, December 31, 2024, Vol. 27, No. 2
Headlines
A U S T R A L I A
4 GUNN: Second Creditors' Meeting Set for Jan. 8
BENSONS PROPERTY: First Creditors' Meeting Set for Jan. 9
HMSY GROUP: First Creditors' Meeting Set for Jan. 9
INFRABUILD AUSTRALIA: Fitch Lowers LongTerm IDR to 'CCC-'
JDN LABOUR: Second Creditors' Meeting Set for Jan. 7
QUINTIS: Rambola Property Farms Buys Sandalwood Properties
SDA PROPERTYS: Second Creditors' Meeting Set for Jan. 8
TRITON EBISU 1: Fitch Assigns 'Bsf' Rating on Class F Notes
H O N G K O N G
SJM HOLDINGS: Fitch Affirms 'BB-' LongTerm Foreign Currency IDR
I N D I A
AHITRI SPINNING: ICRA Keeps D Debt Ratings in Not Cooperating
ASHOK BRICKS: CRISIL Keeps D Debt Ratings in Not Cooperating
BALAJI OVERSEAS: CRISIL Keeps D Debt Ratings in Not Cooperating
BLACK PEPPER: Liquidation Process Case Summary
BOCHEM HEALTHCARE: ICRA Keeps D Debt Ratings in Not Cooperating
BOMMINENI RAMANJANEYULU: ICRA Keeps B+ Ratings in Not Cooperating
CHANDITALA BLUE: ICRA Keeps C Debt Rating in Not Cooperating
CURE LIFE: Liquidation Process Case Summary
DISCOVERY LABORATORIES: ICRA Keeps D Ratings in Not Cooperating
EVEREST INFRA: Insolvency Resolution Process Case Summary
GOLDEN STAR: ICRA Keeps B+ Debt Rating in Not Cooperating
GREENLAND MOTORS: ICRA Keeps D Debt Ratings in Not Cooperating
HERO ELECTRIC: NCLT Initiates Insolvency Proceedings Against Firm
HORIZON LEISURE: CRISIL Keeps D Debt Rating in Not Cooperating
RAMALINGA MILLS: ICRA Reaffirms D Rating on INR41cr LT Loan
SANTOSHI BARRIER: Liquidation Process Case Summary
TERRA DEVELOPERS: CRISIL Keeps D Debt Rating in Not Cooperating
TPRI TECHNOLOGIES: Voluntary Liquidation Process Case Summary
V.M AND CO: ICRA Keeps B+ Debt Ratings in Not Cooperating
WINSOME YARN: Creditors Approve Insolvency Plan
YENKEY ROLLER: ICRA Keeps B+ Debt Rating in Not Cooperating
[*] INDIA: 82 Out of 100 Bank Defaulters Land in NCLT
P H I L I P P I N E S
COMMUNITY RURAL: Creditors Have Until Feb. 3 to File Claims
RB OF SAN AGUSTIN: Jan. 6 Deadline for Deposit Insurance Claims
S I N G A P O R E
AKIBARE RE: Creditors' Proofs of Debt Due on Jan. 28
OLAM FUND: Creditors' Proofs of Debt Due on Jan. 26
RH CAPITAL: Creditors' Proofs of Debt Due on Jan. 27
RH ORCHARD: Creditors' Proofs of Debt Due on Jan. 27
TOYO LOGISTICS: Creditors' Proofs of Debt Due on Jan. 27
S R I L A N K A
SRI LANKA: Fitch Hikes LongTerm Issuer Default Ratings to 'CCC+'
SRI LANKA: Moody's Hikes LT Foreign Currency Issuer Rating to Caa1
SRI LANKA: S&P Affirms SD/SD Foreign Curr. Sovereign Credit Ratings
X X X X X X X X
[*] BOND PRICING: For the Week Dec. 23, 2024 to Dec. 27, 2024
- - - - -
=================
A U S T R A L I A
=================
4 GUNN: Second Creditors' Meeting Set for Jan. 8
------------------------------------------------
A second meeting of creditors in the proceedings of 4 Gunn Street
SDA Property's Pty Ltd has been set for Jan. 8, 2025 at 12:00 p.m.
via Microsoft Teams.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 7, 2025 at 4:00 p.m.
David Henry Sampson of BPS Recovery was appointed as administrator
of the company on Nov. 29, 2024.
BENSONS PROPERTY: First Creditors' Meeting Set for Jan. 9
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Bensons
Property Group Pty Ltd will be held on Jan. 9, 2025 at 11:00 a.m.
via virtual meeting only.
Craig Shepard and Sebastian Hams of KordaMentha were appointed as
administrators of the company on Dec. 27, 2024.
HMSY GROUP: First Creditors' Meeting Set for Jan. 9
---------------------------------------------------
A first meeting of the creditors in the proceedings of HMSY Group
Pty Ltd (administrator appointed) as trustee for the HMSY Group
Unit Trust will be held on Jan. 9, 2025 at 10:00 a.m. via
teleconference only.
Mohammad Najjar of Vanguard Insolvency Australia were appointed as
administrators of the company on Dec. 27, 2024.
INFRABUILD AUSTRALIA: Fitch Lowers LongTerm IDR to 'CCC-'
---------------------------------------------------------
Fitch Ratings has downgraded the Long-Term Issuer Default Rating
(IDR) of InfraBuild Australia Pty Ltd. (InfraBuild) to 'CCC-', from
'CCC'. The rating on InfraBuild's senior secured US-dollar notes
has also been downgraded to 'CCC+', from 'B-', with a Recovery
Rating of 'RR2'. Fitch rates InfraBuild based on the consolidated
profile of its 100% holding company, Liberty InfraBuild Ltd.
(InfraBuild Group), which does not generate any revenue, nor holds
any cash or debt.
The downgrade reflects InfraBuild's weaker operational performance
and liquidity, relative to its last review. Fitch estimates the
company could breach the financial covenants under its USD150
million asset-backed term loan (ABTL) facility in 2H25, which could
lead to a payment acceleration from the due date in May 2026 in the
absence of a cure or waiver.
InfraBuild also needs approval from the lenders if the proposed
distribution to the ultimate parent exceeds USD250 million to
enable the parent to settle with its creditors, and the company may
have to repay or refinance the ABTL if the lenders do not agree.
Fitch estimates InfraBuild would run out of cash by end-2025 in
these scenarios in the absence of potential asset sales and other
mitigating measures and, even if it secures a covenant waiver and
lender approval for distribution, Fitch estimates cash could be
depleted by the end of the financial year ending June 2026 (FY26).
Inadequate cash would leave InfraBuild's liquidity needs unfunded,
due to working capital requirements and weak traditional banking
access.
Key Rating Drivers
Weak 1QFY25 EBITDA: InfraBuild's 1QFY25 reported EBITDA fell by 55%
yoy and 15% qoq, driven by softer residential-sector demand,
pressure from imports and the impact from continuing production
issues at key supplier, Whyalla Steelworks. Fitch expects a gradual
EBITDA recovery from 2HFY25, but sustained weakness in domestic
private-sector demand and import pressure are key risks.
Risk of Covenant Breach: Fitch estimates InfraBuild will breach the
ABTL's financial covenants in 1HFY26 in the absence of a sharp
EBITDA recovery, which could lead to a second waiver request
following the October 2024 covenant reset. An uncured breach and
inability to refinance could lead to an acceleration of the ABTL
repayment and a liquidity crisis. Despite the company's August 2024
bond tap issue, Fitch sees high refinancing risk for the ABTL,
especially without a material EBITDA recovery.
High Refinancing Risk: Negotiations with ABTL lenders could become
challenging if InfraBuild seeks to relax the covenants. Fitch
believes a tap issuance of InfraBuild's senior secured notes would
allow the company to refinance the ABTL, given its weak
traditional-banking access. However, a tap issuance is subject to
market conditions. In addition, bondholders may be unwilling to
remove the ABTL completely, as they benefit from the ABTL's tighter
restrictions on InfraBuild Group's financial profile and
related-party transactions, despite a better security package.
Potential Asset Sales: InfraBuild is pursuing asset sales, which
would improve its liquidity and increase headroom for covenant
ratios. Substantial disposal gains may lead us to revise up its
liquidity assessment for InfraBuild and boost its credit profile.
ESG - Governance Structure: Fitch thinks InfraBuild's credit
profile is exposed to governance risks. The ownership of Infrabuild
is concentrated with the GFG Alliance, which is being investigated
by the UK's Serious Fraud Office (SFO) for suspected fraud and
money laundering. Infrabuild has a record of related-party
transactions. Its board of directors has only three independent
members out of seven. Fitch sees some risk of further transactions
with related parties, albeit within the restrictive covenants in
the ABTL and bond documents.
ESG - Financial Transparency: InfraBuild's FY24 audited financial
statements have yet to be published, and the company expects the
process to be completed after GFG Alliance reaches a formal
settlement with its creditors. InfraBuild has received consent from
its noteholders to delay the publication of the audited financial
statements into 3QFY25. A delay in publication beyond March could
lead to a default on InfraBuild's USD550 million notes. Fitch relys
on unaudited FY24 accounts for its forecasts. InfraBuild's actual
financial position could be weaker.
Settlement-Related Uncertainty: The amount payable by GFG Alliance
to settle its dues with creditors is uncertain. InfraBuild's bonds
allow for a distribution of up to USD350 million. However, the ABTL
permits an initial release of USD250 million and any additional
amount will require approval from lenders.
Fitch believes there is a risk that any settlement between GFG
Alliance and its creditors in excess of USD250 million could lead
to InfraBuild's auditors requiring clarity on ABTL lenders'
willingness to release the additional amount. This may cause
further delay in the publication of audited FY24 accounts. Fitch
assumes InfraBuild will pay a dividend of USD300 million in FY25.
Rated on a Standalone Basis: Fitch rates InfraBuild on a standalone
basis. Its ultimate controlling party as per its financial
statements is Singapore-incorporated Liberty Steel Group Holdings
Pte. Ltd (LSGH), which is part of the larger GFG Alliance. Fitch
does not have any material information on LSGH and its shareholders
and therefore cannot undertake a detailed parent and subsidiary
linkage assessment. However, Fitch thinks risks associated with a
cash drain from InfraBuild for the benefit of the GFG Alliance
beyond its dividend assumption are mitigated by InfraBuild's debt
covenants.
Derivation Summary
InfraBuild's IDR can be compared with that of peers like Interpipe
Holdings Plc (CCC-), Metinvest B.V. (CCC) and Cleveland-Cliffs Inc.
(Cliffs, BB-/Stable).
Interpipe is a Ukrainian producer of high value-added steel
products, mostly pipes and railway wheels. Interpipe's rating
reflects the high risk of damage or disruption at its facilities in
central Ukraine, which generate its operating cash flow. The rating
also reflects refinancing risk linked to outstanding debt.
Nonetheless, Fitch expects the company will be able to maintain
liquidity in the near term to service its financial obligations.
InfraBuild's IDR is at the same level as Interpipe, incorporating
its view that potential asset sales could help InfraBuild boost
short-term liquidity and prevent a covenant breach.
Metinvest is a vertically integrated Ukrainian mining and steel
company, with most of its operations in Ukraine. Its rating
reflects heightened operational and financial risk since Russia's
invasion of Ukraine. The IDR also incorporates Fitch's view that
Metinvest is likely to service its financial obligations in 2025
with the help of its overseas assets. Metinvest is rated higher
than InfraBuild based on its assessment of lower liquidity risk.
Cliffs is the largest flat-rolled steel producer and largest
producer of iron ore pellets in North America. It is mostly a blast
furnace producer of steel with some electric arc furnace (EAF)
production. Its business profile is stronger than InfraBuild's due
to a much larger EBITDA scale, focus on higher value-added products
and a significant share of fixed-price contracts. Fitch also
expects Cliffs' leverage and coverage metrics to be healthier.
Key Assumptions
Fitch's Key Assumptions Within Its Rating Case for InfraBuild
Group:
- Revenue to decline by 13% in FY24 and 6% in FY25, before
recovering by 4% in FY26;
- Average Fitch-adjusted EBITDA margin of 4% over FY24-FY26 (FY23:
10%);
- Cumulative capex of around AUD350 million during FY24-FY26;
- A special dividend of AUD450 million (USD300 million) in FY25;
- Repayment of USD150 million of outstanding ABTL in FY26.
Recovery Analysis
The recovery analysis assumes that InfraBuild would be liquidated
in a bankruptcy as Fitch estimates this results in a better return
to creditors. Fitch has assumed a 10% administrative claim.
Liquidation Approach
- To calculate the liquidation value, Fitch uses an 80% advance
rate against InfraBuild's estimate of the FYE24 value of trade
receivables and a 50% rate against the estimated values of
inventory and property, plant and equipment.
- Fitch incorporates the USD200 million tap issuance of the senior
secured notes in August 2024, which was used to repay around USD160
million of the ABTL.
The assumptions result in a recovery rate corresponding to an 'RR1'
Recovery Rating. However, Fitch assumes the remaining ABTL facility
is senior in the recovery waterfall to the senior secured notes,
which Fitch treats as second-lien, capping the Recovery Rating on
the notes at 'RR2'. This translates into a two-notch uplift from
the IDR under its Corporate Recovery Ratings and Instrument Ratings
Criteria.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:
- Weaker liquidity and refinancing ability, potentially evident
from a lack of progress on refinancing the remaining ABTL in the
next 12 months.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:
- Limited risk of readily available cash falling below AUD150
million due to likely debt repayments or potential related-party
transactions, or improved banking access.
- EBITDA interest coverage sustained above 1.5x.
Liquidity and Debt Structure
Fitch forecasts that InfraBuild's cash of around AUD300 million at
FYE25 will be insufficient to address the debt due in FY26 of
approximately AUD350 million. The FY26 debt maturities comprise the
ABTL, the AUD50 million Mayfield mortgage that matures in October
2025 and the AUD72 million related-party loan, which may be
repayable after the ABTL is repaid.
Fitch expects the mortgage to be rolled over and the related-party
loan will not be called. However, Fitch thinks InfraBuild's efforts
to refinance the ABTL could be hindered by negotiations with
debtholders on covenants and weak market conditions.
Issuer Profile
InfraBuild is Australia's sole vertically integrated manufacturer,
processor and distributor of steel long products, including
reinforcing steel, with an EAF-based steelmaking capacity of 1.4
million tonnes per annum. It comprises the manufacturing, product
mill, distribution and recycling assets of the former Arrium Group,
which were taken over by GFG Alliance in 2017.
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING
Fitch rates InfraBuild on a standalone basis. Its ultimate
controlling party is LSGH. Fitch does not have any material
information on LSGH and its shareholders, and therefore cannot
undertake a detailed parent and subsidiary linkage assessment.
However, Fitch thinks risks associated with a cash drain from
InfraBuild for the benefit of the GFG Alliance beyond its dividend
assumption are mitigated by InfraBuild's debt covenants. This
provides us with sufficient basis to assess InfraBuild's credit
profile and assign a rating.
MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS
Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.
ESG Considerations
InfraBuild has an ESG Relevance Score of '5' for Governance
Structure, due to ownership by entities within Sanjeev Gupta's GFG
Alliance, which is under investigation by the SFO, and the lack of
a majority of independent directors on the board. This has a
negative impact on the credit profile, and is highly relevant to
the rating, resulting in a lower IDR for InfraBuild.
InfraBuild has an ESG Relevance Score of '5' for Financial
Transparency, due to continued non-availability of audited FY24
financial statements. Fitch has relied on unaudited accounts for
its forecasts and InfraBuild's actual financial position could be
weaker. This has a negative impact on the credit profile and is
highly relevant to the rating, resulting in a lower IDR for
InfraBuild.
InfraBuild has an ESG Relevance Score of '4' for Group Structure,
due to it being part of the complex GFG Alliance and numerous
related-party transactions. This has a negative impact on the
credit profile and is relevant to the ratings in conjunction with
other factors.
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' 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. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
InfraBuild Australia
Pty Ltd. LT IDR CCC- Downgrade CCC
senior secured LT CCC+ Downgrade RR2 B-
JDN LABOUR: Second Creditors' Meeting Set for Jan. 7
----------------------------------------------------
A second meeting of creditors in the proceedings of JDN Labour Pty
Ltd has been set for Jan. 7, 2025 at 1:00 p.m. at the offices of WA
Insolvency Solution, A division of Jirsch Sutherland, Suite 6.02,
Level 6, 109 St Georges Terrace, in Perth, WA.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 6, 2025 at 4:00 p.m.
Jimmy Trpcevski and David Hurt of WA Insolvency Solutions were
appointed as administrators of the company on Nov. 27, 2024.
QUINTIS: Rambola Property Farms Buys Sandalwood Properties
----------------------------------------------------------
Matt Brann of abc.net reports that Rombola Family Farms, one of
Australia's largest melon producers, has expanded its footprint in
the Northern Territory with the acquisition of nearly 2,500
hectares of land in the Douglas Daly region.
According to abc.net, the company, known for growing melons and
pumpkins near Mataranka, has purchased the Midway portfolio, which
includes water licences granting access to more than 7,600
megalitres of water per year. Greg Troughton, CEO of the NT Farmers
Association, highlighted that the Northern Territory's melon
industry is valued at approximately $66 million annually, with
local melons and pumpkins now being exported through Darwin.
"This acquisition in the Douglas Daly reflects the strong
confidence the industry has in the area's horticultural potential,"
Troughton said. The land was previously used for Indian sandalwood
cultivation, with Quintis (formerly TFS) planting some of the
initial trees in 2013.
Olivia Thompson of LAWD real estate stated that Rombola has
exciting plans for the region. "They will be growing melons and
further expanding their northern operations. The Douglas Daly has a
long history of producing high-quality watermelons," she told ABC
Rural. "This region is already an agricultural hub in the Northern
Territory, and this acquisition will further enhance that."
Thompson also pointed out the significant long-term employment
opportunities the project could bring to local communities and
contractors. In 2017, Quintis controlled the largest volume of
licensed water in the Northern Territory, with allocations of at
least 51,000 megalitres, the report states.
Although the price of the Midway portfolio has not been disclosed,
Thompson estimated it to be around $10 million, noting that the
sale process was highly competitive. "Opportunities to buy
developed irrigation land in the NT are rare," she explained.
"Despite recent media attention about water rights, such land and
water assets in the Top End are extremely limited," the report
relays
Rombola Family Farms has been contacted for additional comments.
ABC Rural also understands that other Indian sandalwood properties
in the Northern Territory and Kimberley region of Western Australia
are set to be sold in early 2025.
Quintis, which once owned approximately 29,000 hectares across the
Douglas Daly, Katherine, and Mataranka regions, has since entered
receivership, with its assets being gradually sold off, according
to abc.net.
Thompson mentioned that Rombola is still evaluating its options
regarding the sandalwood plantations. "There is still an
opportunity to harvest some of those trees, but that decision rests
with Rombola. They're actively considering it," she said. "However,
their main focus remains on developing the land for their core
business."
About Quintis
Quintis is an Australian-based supplier of natural, ethical &
sustainable Indian sandalwood raw materials for every industry.
SDA PROPERTYS: Second Creditors' Meeting Set for Jan. 8
-------------------------------------------------------
A second meeting of creditors in the proceedings of SDA Propertys
No 2 Pty Ltd has been set for Jan. 8, 2025 at 2:00 p.m. via
Microsoft Teams.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 7, 2025 at 4:00 p.m.
David Henry Sampson of BPS Recovery was appointed as administrator
of the company on Nov. 29, 2024.
TRITON EBISU 1: Fitch Assigns 'Bsf' Rating on Class F Notes
-----------------------------------------------------------
Fitch Ratings has assigned ratings to Triton Ebisu Warehouse Trust
Series 1's residential mortgage-backed floating-rate notes. The
issuance consists of notes backed by a pool of first-ranking
Australian conforming mortgage loans originated by Columbus Capital
Pty Limited.
The notes are issued by Perpetual Corporate Trust Limited as
trustee for Triton Ebisu Warehouse Trust Series 1. This is a
warehouse transaction featuring an initial 12-month availability
period with an extension option.
Entity/Debt Rating
----------- ------
Triton Ebisu
Warehouse Trust
Series 1
A LT AAAsf New Rating
B LT AAsf New Rating
C LT Asf New Rating
D LT BBBsf New Rating
E LT BBsf New Rating
F LT Bsf New Rating
U LT NRsf New Rating
Transaction Summary
The transaction is a warehouse that purchases receivables on a
revolving basis. The asset pool is subject to eligibility criteria
and pool parameters. The transaction has triggers to protect debt
holders from deterioration in the portfolio's credit quality, which
either requires rectification or may cause an amortisation event
where all collections are used to pay down the debt in sequential
order. The class F note is constrained by the revolving pool
concentration test by two notches.
KEY RATING DRIVERS
Portfolio Parameters Drive Losses: The transaction has an
availability period. Therefore, Fitch's analysis is based on a
proxy pool stressed to pool parameters provided by Columbus Capital
and further stressed by Fitch. Stress levels were defined based on
originator and historical data and Fitch's forward-looking view.
Stresses were applied to a number of portfolio characteristics to
reflect the historical and Fitch's expected portfolio composition
.
The portfolio's 'AAAsf' weighted-average (WA) foreclosure frequency
of 14.1% is driven by the stressed WA unindexed loan/value ratio of
68.2%, stressed investment loans of 30.3%, stressed self-managed
superannuation fund loans of 40.1% and stressed interest-only loans
of 22.1%. The 'AAAsf' lenders' mortgage insurance dependent WA
recovery rate of 52.6% is driven by the stressed WA indexed
scheduled loan/value ratio of 72.3% and stressed lenders' mortgage
insurance coverage of 3.6%.
Credit Enhancement Supports Ratings: Full cash flow analysis was
performed for the trust using documented note limits and minimum
credit enhancement. Classes A, B, C, D, E and F have documented
minimum credit enhancement of 8.1%, 5.5%, 3.9%, 2.3%, 1.0% and
0.6%, respectively, during the availability period.
The transaction employs a sequential structure after the
availability period, with no pro rata paydown permitted. It also
benefits from a liquidity facility sized at 1.0% of the outstanding
note balance after the availability period. The rated notes pass
all relevant stresses applied in the cash flow analysis. Payment of
class A, B, C, D, E and F residual interest is excluded from its
rating analysis. Residual interest is subordinated below losses if
an amortisation event is subsisting. Non-payment of residual
interest will not lead to an event of default, as outlined in the
transaction documentation.
Operational and Servicing Risk: Columbus Capital is a diversified
non-bank financial institution that commenced lending in 2006.
Fitch undertook an operational review and found that the operations
of the servicer and the originator were comparable with market
standards and that there were no material changes that may affect
Columbus Capital's ongoing ability to undertake origination,
administration and collection activities.
The serviceability assessment for Columbus Capital's Easy Refi
products differ from standard market practice. Fitch believes this
may affect credit risk and has applied a portfolio-level adjustment
of 1.2x, which increased foreclosure frequency for 15% of the proxy
pool. Fitch may amend the adjustment where information received
over time indicates that the effect may be higher or lower than
assumed.
Tight Labour Market Supports Outlook: Portfolio performance is
supported by Australia's continued economic growth and tight labour
market, despite rapid interest rate hikes in 2022-2023. GDP growth
was 0.8% for the year ended September 2024 and unemployment was
3.9% in November 2024. Fitch forecasts GDP growth of 1.0% for the
full year before accelerating to 1.6% in 2025, with unemployment at
4.1%, increasing to 4.5% next year. This reflects Fitch's
expectation that the effects of restrictive monetary policy and
persistent inflation will continue to hinder domestic demand.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
Transaction performance may be affected by changes in market
conditions and the economic environment. Weakening asset
performance is strongly correlated with increasing levels of
delinquencies and defaults that could reduce credit enhancement
available to the notes.
Unanticipated increases in the frequency of defaults and loss
severity on defaulted receivables could produce loss levels higher
than Fitch's base case and are likely to result in a decline in
credit enhancement and remaining loss-coverage levels available to
the notes. Decreased credit enhancement may make certain note
ratings susceptible to negative rating action, depending on the
extent of the coverage decline. Hence, Fitch conducts sensitivity
analysis by stressing a transaction's initial base-case
assumptions; these include increasing WA defaults and decreasing
the WA recovery rate.
Notes: A / B/ C / D / E / F
Rating: AAAsf / AAsf / Asf / BBBsf / BBsf / Bsf
15% increase in defaults: AA+sf / AA-sf / A-sf / BBB-sf / BB-sf /
Bsf
30% increase in defaults: AA-sf / A+sf / A-sf / BB+sf / BB-sf /
Bsf
15% decrease in recoveries: AAAsf / AAsf / Asf / BBBsf / BBsf /
Bsf
30% decrease in recoveries: AAAsf / AAsf / Asf / BBBsf / BBsf /
Bsf
15% increase in defaults / 15% decrease in recoveries: AA+sf /
AA-sf / A-sf / BBB-sf / BB-sf / Bsf
30% increase in defaults / 30% decrease in recoveries: AA-sf / A+sf
/ A-sf / BB+sf / BB-sf / Bsf
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
An upgrade could result from macroeconomic conditions, loan
performance and credit losses that are better than Fitch's baseline
scenario or sufficient build-up of credit enhancement that would
fully compensate for credit losses and cash flow stresses
commensurate with higher rating scenarios, all else being equal.
Upgrade Sensitivity
The class A notes are rated at the highest level on Fitch's scale
and cannot be upgraded. As such, upgrade sensitivities are not
relevant. The Class B, C, D, E, and F notes are constrained to
their final ratings by the revolving pool concentration during the
availability period. The below sensitivities do not include the
revolving pool or large-obligor concentration test.
Notes: B/ C / D / E / F
Rating: AAsf / Asf / BBBsf / BBsf / Bsf
15% decrease in defaults / 15% increase in recoveries: AA+sf / A+sf
/ BBB+sf / BB+sf / BBsf
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
DATA ADEQUACY
Prior to the transactions closing, Fitch sought to receive a
third-party assessment conducted on the asset portfolio
information, but none was made available to Fitch for this
transaction.
Fitch reviewed a small targeted sample of the originator's
origination files and found the information contained in the
reviewed files to be adequately consistent with the originator's
policies and practices and the other information provided to the
agency about the asset portfolio.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
ESG Considerations
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' 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. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
=================
H O N G K O N G
=================
SJM HOLDINGS: Fitch Affirms 'BB-' LongTerm Foreign Currency IDR
---------------------------------------------------------------
Fitch Ratings has affirmed SJM Holdings Limited's (SJMH) Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'BB-', with a
Stable Outlook. Fitch has also affirmed SJMH's senior unsecured
rating of 'BB-', and the 'BB-' rating on the outstanding notes
issued by SJMH's subsidiary, Champion Path Holdings Limited. The
notes are rated at the same level as SJMH's senior unsecured
rating, as they represent the company's unconditional and
irrevocable obligations.
SJMH rating reflects the continued improvement in visitation and
gaming revenue in Macao, despite the economic downturn in China.
Fitch expects the better performance, together with the continued
ramp-up of Grand Lisboa Palace (GLP), to drive an improvement in
SJMH's leverage metrics to within the 'BB-' threshold in the coming
years.
SJMH's ratings are constrained by its high leverage, which was
driven by debt built up for the GLP expansion and due to the
Covid-19 pandemic. The ratings also reflect the uncertainty on the
continued ramp-up of GLP amid a competitive environment in Macao,
with new openings and expansion of existing casinos. Even so, SJMH
has a long history of operations in Macao, with a record of
maintaining a conservative financial position.
Key Rating Drivers
Improving Leverage Metrics: Fitch expects SJMH to reduce its EBITDA
leverage from 6.9x in 2024, to 3.9x in 2026, below its negative
sensitivity of 5.0x, as EBITDA continues to grow as GLP ramps up
and debt reduces with FCF growth. Fitch expects the debt balance to
decrease from HKD27 billion at end-September 2024 to HKD25 billion
by end-2025 and HKD22 billion by end-2026. SJMH will focus on
deleveraging as it maintains a conservative financial policy, in
Fitch's view.
Moderate Industry Growth: Fitch expects gross gaming revenue (GGR)
in Macau to rise by a moderate pace in 2025, driven by further
growth in visitation on increasing concerts and events and
incremental easing of travel requirements between Macau and
mainland China. Its expectation is broadly in line with the
government's budget of MOP240 billion in GGR and 36 million in
visitors. Macao's gaming industry continued to recover in 2024,
with 11M24 GGR rising by 26.8% yoy to MOP208.6 billion on a 26%
recovery in visitation, despite economic headwinds in China.
GLP Ramp-up Continues: GLP continues to ramp up, with market share
reaching about 2.6% in 3Q24. Fitch expects its market share to
reach 3.0% in 2025, supported by initiatives to improve its
connectivity, and mass appeal through food and beverage, retail and
event offerings, as well as the opening of the nearby
50,000-capacity outdoor public concert venue at the start of 2025.
Fitch believes its market share will continue to increase gradually
in the following years, but it may take time to reach management's
long-term target of 5%.
Manageable Capex Pipeline: Fitch expects SJMH's annual capex to
remain at about HKD1.5 billion in the next few years (1H24: HKD634
million, 2023: HKD1.7 billion). This includes spending on further
GLP upgrades, including a proposed connecting bridge, and the
renovation of Grand Lisboa (GL) as well as the rejuvenation of the
nearby area.
SJMH recently entered into an MOU with Shun Tak Holdings to acquire
nine floors of an office tower near the border with mainland China
at Hengqin for CNY546 million. The property has total gross floor
area of close to 15,000 sqm, and the company plans to convert it
into a three-star hotel, a process that could take up to two years.
Fitch has factored in the investment, which has a small negative
impact on leverage.
Bond Refinancing: SJMH will have a USD500 million bond due in
January 2026 and HKD1.25 billion and MOP300 million of bonds due in
May 2026. SJMH has sufficient liquidity to cover the repayment
needs and Fitch believes the company will be able to refinance the
debt well ahead the maturity dates, utilising its banking
relationships and access to debt capital markets.
Derivation Summary
Compared with its US-based peers, such as Wynn Resorts, Limited
(BB-/Stable), MGM Resorts International (BB-/Stable) and Las Vegas
Sands Corp. (BBB-/Stable), SJMH's business profile is weaker
because of its concentration in the competitive Macao market and
its weaker portfolio of assets within that market, as reflected in
its market share. Compared with Wynn and MGM, Fitch expects SJMH to
deleverage towards a more conservative balance sheet over the next
few years, as it repays the debt built up for the GLP development
and during the pandemic.
Key Assumptions
- Market GGR growth of 5% in 2025 and 2% annually thereafter
- GLP's market share improves to 3.1%, 3.7% and 4.2%, respectively,
in 2025, 2026 and 2027
- Stable market share at non-GLP casinos
- EBITDA margin of 15%, 16% and 17%, respectively, in 2025, 2026
and 2027 (12% in 9M24)
- Annual capex of HKD1.5 billion in 2025-2027.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:
- Adjusted gross debt/EBITDA failing to trend below 5.0x by 2026.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:
- Adjusted gross debt/EBITDA below 4.0x for a sustained period.
Liquidity and Debt Structure
SJMH had HKD2.4 billion of unrestricted cash, and HKD4.1 billion of
undrawn revolver facilities as of end-1H24, enough to cover HKD1.1
billion of bank loans due within one year, as well as most of the
USD500 million bond due in January 2026 and HKD1.25 billion and
MOP300 million of bonds due in May 2026. Fitch expects the company
refinance its maturing debt well ahead of time, given its banking
relationships and access to debt capital markets. The company's
growing FCF will also help with its debt repayment.
Issuer Profile
SJMH is the holding company of SJM Resorts, S.A. (SJM), one of six
casino operators in Macao. SJM operates 13 casinos in Macao,
including four self-promoted casinos and nine satellite casinos.
SJMH is 55% owned by Sociedade de Turismo e Diversões de Macau
(STDM) and is listed on the Hong Kong stock exchange.
MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS
Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.
ESG Considerations
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' 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. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Prior
----------- ------ -----
SJM Holdings Limited LT IDR BB- Affirmed BB-
senior unsecured LT BB- Affirmed BB-
Champion Path
Holdings Limited
senior unsecured LT BB- Affirmed BB-
=========
I N D I A
=========
AHITRI SPINNING: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings for the Bank
Facility of Ahitri Spinning Mills Pvt. Ltd. in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER
NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 18.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Short-term 1.35 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
Long-term 1.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Ahitri Spinning Mills Pvt. Ltd., ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Incorporated in June 2014, Ahitri Spinning Mills Pvt. Ltd. is
promoted by Mr. Haresh Trivedi, Mr. Hirabhai Ahir, Mrs. Jyotiben
Ahir and Mrs. Parul Trivedi and family members. ASMPL is engaged in
spinning cotton to manufacture 100% carded cotton yarn, in the
range of 28s to 34s counts. The manufacturing facility is located
in Dholi village, Ahmedabad, with an installed capacity of 13056
spindles per annum. The promoters have experience in textile
industry through association with entities in cotton ginning.
ASHOK BRICKS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ashok Bricks
Industries Private Limited (ABIL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 5 CRISIL D (Issuer Not
Cooperating)
Bank Guarantee 15 CRISIL D (Issuer Not
Cooperating)
Cash Credit 10 CRISIL D (Issuer Not
Cooperating)
Proposed Cash 0.03 CRISIL D (Issuer Not
Credit Limit Cooperating)
Standby Letter 1.50 CRISIL D (Issuer Not
of Credit Cooperating)
Term Loan 0.47 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with ABIPL for
obtaining information through letter and email dated November 11,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ABIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ABIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ABIPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.
ABIPL was formed as a partnership firm in 1992, between Mr Pramod
Agarwal and his brother Mr Ashok Agarwal, to manufacture red bricks
used in the construction industry. The firm was reconstituted as a
private limited company in 2000 and entered the business of road
construction.
BALAJI OVERSEAS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Balaji
Overseas - Haryana (BO) continue to be 'CRISIL D/CRISIL D Issuer
not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.11 CRISIL D (ISSUER NOT
COOPERATING)
Contingency Limit 1.25 CRISIL D (ISSUER NOT
COOPERATING)
Foreign Bill 5.5 CRISIL D (ISSUER NOT
Exchange COOPERATING)
Proposed Bill 1 CRISIL D (ISSUER NOT
Discounting Facility COOPERATING)
Proposed Long Term 0.19 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING)
Rupee Term Loan 1.95 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL Ratings has been consistently following up with BO for
obtaining information through letter and email dated November 11,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BO, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BO is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of BO
continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.
Established in 1999 as a partnership firm by Mr. Somnath, Mr. Paras
Popli and Mr. Chandan Popli, BO manufactures and exports handloom
fabrics and durries. The manufacturing facilities are in Panipat,
Haryana.
BLACK PEPPER: Liquidation Process Case Summary
----------------------------------------------
Debtor: Black Pepper Technologies Private Limited
No. 1004, 1st Floor, 9th Main, Sector 7,
HSR Layout, Bangalore,
Bangalore South, Karnataka,
India, 560102
Liquidation Commencement Date: December 5, 2024
Court: National Company Law Tribunal, Bengaluru Bench
Liquidator: Suresh Kannan
S-1, 547, CMH Road, Premier Court
2nd Floor, CMH Road
Near Indiranagar Metro Station
Bangalore, Karnataka 560038
E-mail: sureshkannan10@gmail.com
-- and --
AAA Insolvency Professionals LLP
First Floor, 64, Okhla Phase III,
Near Modi Flour Mills, New Delhi 110020
E-mail: cirp.bptl@gmail.com
Last date for
submission of claims: January 4, 2025
BOCHEM HEALTHCARE: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Bochem
Healthcare Pvt. Ltd. (BHPL) in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D; ISSUER NOT
COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 10.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term 6.72 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term 2.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
Short-term 3.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with BHPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Bochem Healthcare Pvt Ltd (BHPL) is incorporated in the year 2013
in Ujjain, Madhya Pradesh. BHPL is engaged in the manufacture of
formulation in various dosage forms, ie, tablets, capsules and ORS
(General group) at its WHO GMP certified facility at Nagziri,
Ujjain. Mr. Sunil Kumar Jain is the promoter of the company. In
FY2015, the company reported a net profit of INR0.34 crore on an
operating income of INR42.86 crore, as compared to a net profit of
INR0.64 crore on an operating income of INR36.84 crore in the
previous year.
BOMMINENI RAMANJANEYULU: ICRA Keeps B+ Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the Long-Term rating of Bommineni Ramanjaneyulu (BR)
in the 'Issuer Not Cooperating' category. The ratings are denoted
as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 4.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 6.00 [ICRA]B+ (Stable) ISSUER NOT
Non Fund Based COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with BR, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
M/s. Bommineni Ramanjaneyulu (BR) was founded as a proprietorship
concern in 2001 to take up public water supply and drinking water
supply projects. BR is a Special Class Contractor (SCC) in the
State of Andhra Pradesh (AP). BR majorly executes projects related
to AP Rural Water Supply & Sanitation Department (APRWSSD) and
Accelerated Rural Water Supply (ARWS) earlier. The firm has grown
with addition of new projects coming under NRDWP (National Rural
Drinking Water Program) - starting from Eleventh five-year plan
period and APRWSS projects starting March 2010. BR is one of the
twenty special class contractors in the Rural Water supply in the
state of AP eligible to take up works. Most of the projects
currently being executed by the firm form part of Comprehensive
Protected Water Supply Scheme (CPWSS scheme) and MVS (multi-village
scheme).
CHANDITALA BLUE: ICRA Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term rating of Chanditala Blue Print (CBP)
in the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]C; ISSUER NOT COOPERATING ".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 0.20 [ICRA]C; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with CBP, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Incorporated in April 2014, CBP is engaged in wholesale trading of
medicines. The partners have an experience of around two decades in
this line of business with its medical shop in Sonarpur, West
Bengal.
CURE LIFE: Liquidation Process Case Summary
-------------------------------------------
Debtor: Cure Life Care Private Limited
20, Gurukrupa Society
Behind New Kotak Bank
Ghod Dod Road,
Surat, Gujarat
India 392007 Gujarat
Liquidation Commencement Date: November 11, 2024
Court: National Company Law Tribunal, Ahmedabad Bench
Liquidator: Vinod Tarachand Agrawal
VCAN Resolve IPE LLP
204, Wallstreet-1
Near Gujarat College
Ellisbridge, Ahmedabad 380006
Email: ibc@vcanca.com
Email: cirp.curelife@gmail.com
Last date for
submission of claims: January 12, 2025
DISCOVERY LABORATORIES: ICRA Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank Facility of
Discovery Laboratories Private Limited (DLPL) in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER
NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 10.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with DLPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Incorporated in 2004, Discovery Intermediates Private Limited
manufactures pharmaceutical intermediates. Its name was changed to
Discovery Laboratories Private Limited (DLPL) in January 2017. The
company manufactures various types of intermediates and supplies
the same to bulk drug manufacturers. Its manufacturing facility is
based in Choutuppal in Bhongir district of Telangana. The
commercial production of the unit commenced in 2006. The facilities
comply with Current Good
Manufacturing Practice regulations (CGMP) guidelines. Further, the
facility received approval from EU GMP in FY2020.
EVEREST INFRA: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Everest Infra Energy Limited
Registered Address:
C/O Everest Engineering
House A Sector, Naharlagun,
Arunachal Pradesh, India, 791110
Principal Office:
Gn-10, Sector V, Salt Lake 1st Floor
Kolkata, West Bengal, India, 700091
Insolvency Commencement Date: December 13, 2024
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: June 11, 2025
Insolvency professional: Jitendra Lohia
Interim Resolution
Professional: Jitendra Lohia
Klass Insolvency Resolution Professionals Pvt. Ltd
2/7 Sarat Bose Road
Vasundhara Building, 2nd Floor
Kolkata 700020
Email: jitulohia@knjainco.com
Email: cirp.everest@gmail.com
Last date for
submission of claims: December 31, 2024
GOLDEN STAR: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank Facility of Golden
Star Designer Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 5.00 [ICRA]B+(Stable); ISSUER NOT
Fund Based- COOPERATING; Rating continues to
Cash Credit remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Golden Star Designer Private Limited, ICRA has been trying to
seek information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
GSD was incorporated in 2009 by promoters Mr. Ghanshyam Patel and
Mr. Rajesh Jadia to engage in the business of manufacturing and
wholesale trading of gold jewellery. The company mainly carries out
job work for small jewellery retailers-based Gujarat. GSD has an
office on prime location of C. G. Road, Ahmedabad. The promoters
have extensive experience in jewellery business through their
former association with other companies involved in jewellery
business.
GREENLAND MOTORS: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Greenland
Motors (GLM) in the 'Issuer Not Cooperating' category. The ratings
are denoted as "[ICRA]D; ISSUER NOT COOPERATING /[ICRA]D; ISSUER
NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 1.50 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term- 1.55 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Short-term- 14.25 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 1.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
As part of its process and in accordance with its rating agreement
with GLM, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
GLM is an authorised dealer of Maruti Suzuki India Limited (MSIL)
and is involved in the sale of new cars, servicing of vehicles,
sales of spare parts, and sales and purchase of pre-owned cars. The
firm has three sales and service outlets in Allahabad, Pratapgarh
and Kaushambi in Uttar Pradesh.
HERO ELECTRIC: NCLT Initiates Insolvency Proceedings Against Firm
-----------------------------------------------------------------
Inc42 reports that the National Company Law Tribunal (NCLT) has
initiated insolvency proceedings against Hero Electric after its
vendor Metro Tyres filed a petition claiming that Hero Electric has
defaulted on payments amounting to INR 1.85 Cr.
This decision was made after the tribunal found no merit in Hero
Electric's argument that there was a pre-existing dispute regarding
the quality of the supplied goods by Metro Tyres, Inc42 says.
It is pertinent to note that Metro Tyres supplied tyres and tubes
to Hero Electric between August and December 2022, charging a total
of INR3.69 Cr. Of this, Hero paid only INR4.27 lakh, while a
payment worth INR1.85 Cr remained pending despite repeated requests
for payment.
Although Hero contended that it withheld payments due to tyre
defects, including tread separation and air leakage.
But the tribunal undermined Hero's plea saying that it did not
raise any quality concerns until nine months after the last
delivery and continued to purchase goods from Metro Tyres without
raising any issues, according to Inc42.
The tribunal described Hero Electric's arguments as "not just a
moonshine or feeble legal argument."
Inc42 relates that the NCLT's decision included declaring a
moratorium on Hero Electric's assets to prevent any transfers or
encumbrances during the insolvency process.
Moreover, as per the Insolvency and Bankruptcy Code, the tribunal
has suspended the Hero Electric board and replaced it with the
appointment of interim resolution professional Bhoopesh Gupta to
oversee the company.
According to Inc42, the development comes a week after Delhi High
Court asked the Serious Fraud Investigation Office (SFIO) to
continue its investigation against Hero Electric Vehicle. This
investigation is regarding alleged FAME II scheme violation charges
against Hero Electric.
Just before that, there were reports of failed settlement talks
between Hero Electric and the Union Ministry of Heavy Industries.
Earlier in October, Hero Electric agreed to pay penalties for any
violation or lack of compliance related to the EV subsidy scheme.
Additionally, the EV manufacturer approached the Ministry of Heavy
Industries (MHI) to settle the dispute.
Inc42 notes that the scrutiny of Hero Electric is part of a larger
crackdown on 13 EV manufacturers accused of similar violations
under the FAME II scheme.
The FAME II scheme was a subsidy scheme launched by the Indian
government in 2019. It mandated Indian manufacturers to use 50% of
domestic components.
Purportedly, Hero Electric, Okinawa Autotech and Benling India,
among others violated the mandate but claimed the subsidies.
HORIZON LEISURE: CRISIL Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Horizon
Leisure Hotels Private Limited (HLHPL) continues to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 27.17 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with HLHPL for
obtaining information through letter and email dated November 11,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of HLHPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HLHPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
HLHPL continues to be 'CRISIL D Issuer not cooperating'.
Incorporated on November 9, 2009, HLHPL is Indore-based real estate
developer Horizon group's first venture into the hospitality
sector, which it operates through a tie-up with the Best Western
group. The hotel began commercial operations in 2012-13 (refers to
financial year, April 1 to March 31).
RAMALINGA MILLS: ICRA Reaffirms D Rating on INR41cr LT Loan
-----------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Shri
Ramalinga Mills Private Limited (SRML), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term 26.37 [ICRA]D; reaffirmed
Fund-based-
Term Loans
Long Term- 41.00 [ICRA]D; reaffirmed
Fund-based-
Working Capital
Facilities
Long Term- 113.17 [ICRA]D; reaffirmed
Unallocated
Limits
Rationale
The rating reaffirmation of SRML factors in non-payment of dues,
post invocation of the corporate guarantee provided by SRML to its
subsidiary company, Tamilnadu Jai Bharath Mills Limited. The rating
also considers the disqualification of directors under the National
Company Law Tribunal (NCLT) order issued in June 2022 and concerns
pertaining to succession planning within the promoter's family.
SRML's performance moderated in FY2023 and FY2024 on the back of
adverse demand conditions in the textile industry. Further, the
operating margins fell sharply in FY2023 and FY2024 and turned
negative due to volatility in cotton prices. The liquidity profile
of the company is constrained as continued cash losses adversely
impacted its financial flexibility. As revenues and operating
profits moderated in FY2024, SRML's coverage metrics and liquidity
position have remained weak. The rating also considers the
established presence of SRML in the cotton spinning industry.
However, the same is constrained because of its weak financial
profile, given the high working capital requirements and recurring
losses, weakening its leverage indicators. Also, intense
competition limits pricing flexibility and exposes its earnings to
fluctuations in raw material prices.
Key rating drivers and their description
Credit strengths
* Established track record and diversified product mix: SRML has
been involved with the spinning industry for more than three
decades. The company's long track record of operations has resulted
in established relationships with its customers, lending stability
to volumes witnessed over the years. The company enjoys a
diversified revenue base across domestic and export markets and a
wide range of products, catering to the apparel and home textile
markets, lending some stability to performance.
Credit challenges
* Non-payment on invocation of corporate guarantee: SRML provided a
corporate guarantee to its subsidiary company, Tamilnadu Jai
Bharath Mills Limited. Subsequently, the lender declared the
account of the subsidiary company as NPA in December 2022 and
invoked the corporate guarantee in March 2023. However, SRML has
been unable to service the dues of its subsidiary company, and the
dues remain unpaid as on date.
* Weak financial profile: SRML's financial profile remains weak and
is constrained by moderation in revenues and operating profit
witnessed in FY2023 and FY2024 on the back of adverse demand
conditions in the textile industry and volatility in cotton prices.
SRML's coverage metrics and liquidity position remained weak due to
continuing cash losses and concerns over succession planning after
the NCLT order passed in June 2022, disqualifying the directors of
the company, adversely impacting SRML's financial flexibility.
* Intense competition limits pricing power: SRML operates in an
intensely competitive and commoditised yarn industry,
characterised by low product differentiation and a fragmented
industry structure, which restricts its pricing flexibility. Thus,
the earnings of market players remain exposed to the volatility in
prices, which have constrained contribution levels in FY2023and
FY2024.
Liquidity position: Poor
SRML's liquidity position is poor due to non-payment of dues of its
subsidiary company, post invocation of the corporate guarantee by
the bank. Further, its liquidity is expected to remain poor due to
cash losses incurred in FY2024. Its working capital in the past 12
months ending in October 2024 remained fully utilised. SRML has no
major capital expenditure plan, with
an annual repayment obligation of ~INR6.9 crore in FY2025 against
estimated minimal cash accruals. Its liquidity is expected to
remain strained.
Rating sensitivities
Positive factors – The ratings could be upgraded if the debt
servicing of the guaranteed company is regularised, for a sustained
period, as per ICRA's policy
Shri Ramalinga Mills Private Limited (SRML) is a part of the Sri
Jayavilas Group (founded by Late Sathu T. Ramasamy Naicker), based
in Aruppukottai, Tamil Nadu. Incorporated in 1951, SRML is a
closely held and deemed public limited company. It has an installed
capacity of 1,45,968 spindles and 3,312 rotors. SRML also has 15
windmills with a total power generation capacity
of 15 MW. Its subsidiary, Tamil Nadu Jai Bharath Mills Limited, has
no operations under it and is in the process of liquidating its
fixed assets. Further, it has also been classified as NPA as of
December 2022.
SANTOSHI BARRIER: Liquidation Process Case Summary
--------------------------------------------------
Debtor: Santoshi Barrier Film India Private Limited
Plot No D-51, Butibori Industrial Area
Village Gangapur, Taluka Hingna
Nagpur, Maharashtra, India 441122
Liquidation Commencement Date: December 9, 2024
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Piyush Kisanlal Jani
Om Ashray, New Laxminagar
Behind Mazar Ring Road, Gondia
Maharashtra 441614
Email: capiyushj@gmail.com
-- and --
212, 2nd Floor, Ring Rd,
Chhatrapati Square,
Near Kalpavruksha Hospital
Nagpur, Maharashtra 440015
Email: liq.santoshibarrier@gmail.com
Last date for
submission of claims: January 8, 2025
TERRA DEVELOPERS: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Terra
Developers (TD) continues to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 20 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with TD for
obtaining information through letter and email dated November 11,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of TD, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TD is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of TD
continues to be 'CRISIL D Issuer not cooperating'.
TD was formed as a partnership firm in 2013. The firm is currently
developing a residential project called 'Terra Heritage' at Bhiwadi
(Rajasthan).
TPRI TECHNOLOGIES: Voluntary Liquidation Process Case Summary
-------------------------------------------------------------
Debtor: TPRI Technologies Private Limited
No. 30/86, Kumar Krupa,
20th Main, II Block,
Rajajinagar, Bangalore 560010
Liquidation Commencement Date: December 16, 2024
Court: National Company Law Tribunal, Bengaluru Bench
Liquidator: Pramod Srihair
33rd Floor, Raj Towers,
23rd Cross, Banashankri
2nd Stage, Bengaluru 560070
Email: pramod@capad.in
Tel: +91 9620075048
Last date for
submission of claims: January 15, 2025
V.M AND CO: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the long-term ratings of V.M and Co in the 'Issuer
Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 10.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating Moved to
Cash Credit the 'Issuer Not Cooperating'
Category
Long Term- 30.00 [ICRA]B+(Stable) ISSUER NOT
Non-Fund Based COOPERATING; Rating moved to
Others 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with V.M and Co, ICRA has been trying to seek information from the
entity so as to monitor its performance. Despite multiple requests
by ICRA, the entity's management has remained non-cooperative. In
the absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
V.M And Co is a local engineering, procurement and construction
contracting partnership entity based out of Ramanathapuram, Tamil
Nadu. The entity was established by Mr. V. Manoharan as a
proprietorship concern and it was converted into a partnership
entity in 2011, along with three other partners Mr. Manikandan, Mr.
Paranthaman and Mr. Parthasarathy. Mr. V. Manoharan started his
career as a registered civil contractor for ONGC in 1990 and has
executed various projects like foundation for heavy rigs,
construction of bunk houses and formation of approaching roads. In
1997, Mr. Manoharan became a registered highway contractor and has
undertaken many projects for Tamil Nadu PWD and the NHAI. Mr.
Paranthaman is the brother of Mr. V. Manoharan and Mr.
Parthasarathy is the son of Mr. V. Manoharan.
WINSOME YARN: Creditors Approve Insolvency Plan
-----------------------------------------------
ETLegalWorld.com reports that the Winsome Yarn Limited's Committee
of Creditors (COC) has approved with the requisite majority,
through e-voting, in accordance with the provisions of the
Insolvency & Bankruptcy Code, 2016, the Resolution Plan being filed
by M/s Mohini Health & Hygiene Limited.
ETLegalWorld.com relates that the Resolution Professional has
applied for approval of the COC approved Resolution Plan with the
National Company Law Tribunal, Chandigarh Bench ('NCLT').
According to ETLegalWorld.com, the Corporate Resolution Insolvency
Process was initiated after the insolvency plea was filed by
Edelweiss Asset Reconstruction Company Limited, under Section 7 of
the Insolvency and Bankruptcy Code, 2016 read with Rule 4 of the
Insolvency and Bankruptcy (Application to Adjudicating Authority)
Rules, 2016 against M/s Winsome Yarns Ltd.
The NCLT found the amount of INR2,37,49,54,804.29/- (Rupees Two
Hundred and Thirty-Seven Crores Forty-Nine Lakhs Fifty-Four
Thousand Eight Hundred and Four and Twenty-Nine Paise) was
outstanding which amounted to default, on the ground of Winsome
Yarn avoiding the payment of outstanding amount despite repeated
requests by financial creditor, ETLegalWorld.com says.
The matter was heard before the bench of Subrata Kumar Dash
(Technical Member), and Harnam Singh Thakur (Judicial Member).
Winsome Yarns Limited is an India-based company that is engaged in
the manufacturing of yarn, knitwear and generation of power. The
Company is engaged in one line of business, namely Textiles (yarn
and knitting). Its material products include natural fibers, such
as cashmere, cotton, wool, bamboo, bamboo charcoal, modal, linen,
silk and soya; man-made fibers, such as acrylic, polyester and
nylon, and other fibers, such as viscose, blended and triblend. Its
product colors include dyeing, ready-to-dye melange, melange and
raw white. The Company's product effects include sparkling,
injection, neppy, siro, slub and siro slub. Its sustainability
products include fairtrade, recycled, better cotton initiative
(BCI) and organic. The Company's woven fabrics are majorly used in
suits, shirts, bed linens, and the home furnishing industry. Its
knitted fabric is widely used in the production of various
garments, such as t-shirts, bottom wear, sportswear and innerwear,
among others.
The Corporate Insolvency Resolution Process ("CIRP") in the case of
Winsome Yarns Limited was initiated the Hon'ble National Company
Law Tribunal, Chandigarh Bench ("Adjudicating Authority") on
December 22, 2023. The Adjudicating Authority vide the order of the
same date appointed Mr. Sanjay Gupta as the Interim Resolution
Professional. Later, in the CoC Meeting of the Corporate Debtor
held on January 23, 2024, M/s. ARCK Resolution Professionals LLP,
was appointed as the Resolution Professional to run the CIRP of the
Corporate Debtor.
YENKEY ROLLER: ICRA Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term rating of Yenkey Roller Flour Mills in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 5.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating
continues to remain under the
'Issuer Not Cooperating'
As part of its process and in accordance with its rating agreement
with Yenkey Roller Flour Mills, ICRA has been trying to seek
information from the entity so as to monitor its performance
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information
The firm was established under the name of Kerala Wheat Roller
Flour Mills in 1991 and was taken over by the Parisons Group in
1992. Subsequently, it was renamed as Yenkey Roller Flour Mills
(YRFM). The firm manufactures wheat-based products such as
maida,sooji, atta and bran. Besides, the firm is also involved in
wheat trading. The manufacturing facility is located in Calicut,
Kerala, with a milling capacity of 90 tonne per day. YRFM's
products are marketed under the brand name Coconut Tree and the
firm primarily focuses on the northern parts of Kerala for selling
its products.
[*] INDIA: 82 Out of 100 Bank Defaulters Land in NCLT
-----------------------------------------------------
A total of 82 companies out of the top 100 bank defaulters of 2019,
including some of the biggest companies run by prominent
industrialists, landed in the National Company Law Tribunal (NCLT)
under Insolvency and Bankruptcy Code (IBC), 2016 and out of this,
nearly one third of the companies went into liquidation over the
years, suggesting banks would have hardly recouped any money, an
investigation by The Indian Express reveals.
Since the IBC framework came into being in 2016, creditors i.e.
banks had a way out. The Indian Express relates that a status
update of what happened to these top 100 defaulters shows that of
the total 82 companies landed in NCLT, the corporate insolvency
resolution process (CIRP) was initiated in 74 cases and as many as
28 companies went into liquidation over the years.
According to The Indian Express, the investigation further reveals
that these 100 companies together had a total debt of INR8.44 lakh
crore in 2019. Of this, nearly half or INR4.02 lakh crore, was
declared non-performing assets (NPA) or bad loans by March 2019. A
total of 28 companies that went for liquidation, had a total debt
of INR1.23 lakh crore. The average realisation by the creditors in
liquidation cases is just 3.17 per cent.
The data on outstanding debt of these 100 companies as on March 31,
2019 has been collated through their annual reports, audit reports,
filings in stock exchanges, annual returns filed with Registrar of
Companies (RoC) and NCLT orders, which run into thousands of pages
for all companies put together. For the first time ever, the list
of top 100 bank defaulters has been accessed by The Indian Express
under the Right To Information Act. This list came after knocking
at the Reserve Bank of India (RBI) doors through multiple RTI
applications and appeals over a four year period since 2019. The
matter reached up to the Central Information Commission (CIC) and
after multiple hearings, the central bank disclosed the information
in November 2023, and that also only partially.
In fact, these top 100 defaulters accounted for nearly 50 per cent
of the gross NPAs of INR9.33 lakh crore of all scheduled commercial
banks as on March 31, 2019, The Indian Express notes.
Of the total outstanding debt of INR8.44 lakh crore of these 100
companies, just 15 companies concentrated in three sectors -
manufacturing, energy and construction - accounted for over 50 per
cent (Rs. 4.58 lakh crore) of the debt, The Indian Express
discloses. As many as 34 of the 100 defaulters were in the energy
business, 32 in manufacturing, 20 in construction or real estate,
and five in telecom. The balance nine companies belong to other
sectors. A closer look at the list of the top 100 defaulters shows
that just 30 of them accounted for over 30 per cent of the gross
NPAs of FY19 or INR2.86 lakh crore.
Bhushan Power & Steel Limited topped the list with an outstanding
debt of INR41,400 crore as on March 2019, The Indian Express
relays. The company was later taken over by Jindal Group's JSW
Steel. Essar Steel - later acquired by ArcelorMittal is in second
position, with an outstanding debt of INR69,360 crore. The other
companies in the top 10 are Videocon Industries, VOVL Limited,
Jaiprakash Associates, KSK Mahanadi Power, Reliance Communications,
Alok Industries, Prayagraj Power and Jaiprakash Power.
According to The Indian Express, a closer study of these 100
companies reveal that out of the initiation of CIRP against 74
companies for defaulting on loans, the resolution plan, which
provides for the treatment of loans of creditors or banks, was
approved in a total of 33 cases by the NCLT.
A total of 28 companies were referred for liquidation by the NCLT,
the report says. So many companies going into liquidation shows
that banks have got very little money back. According to the
Insolvency and Bankruptcy Board of India (IBBI), a government
regulator for the implementation of the code, the average
realisation by the creditors against their admitted claims in
liquidation cases is just 3.17 per cent. The analysis further shows
that there are a total of 13 cases where CIRP proceeding is still
ongoing. Apart from this, there are five more companies in the
NCLT, where petitions have been filed for the initiation of CIRP
against them.
In a total of six cases, including third biggest defaulter Videocon
Industries Limited, either the resolution plan was rejected by NCLT
& NCLAT or the CIRP proceeding was closed after the settlement
between the parties and withdrawn of the case.
The Indian Express has analysed a total of 20 resolution plans, out
of 33 approved plans, available on the IBBI portal. It reveals that
a total of INR2.25 lakh crore of the financial creditors i.e banks
were admitted in these cases, but out of this, only INR82,961 crore
was provided under the resolution plan. Thus, the banks took a
haircut of INR1.42 lakh crore in just one-fifth of the top 100 bank
defaulter cases. The realised amount is only 36.84 per cent against
the admitted claims.
Out of this in 10 cases, the realisation amount is less than 30 per
cent, The Indian Express relates. In cases like MCNALLY Bharat
Engineering Company Limited and ACIL limited, the amount realised
is just 9 per cent and 5.94 per cent respectively. In case of
Reliance Naval and Engineering Limited and GVK Power (Goindwal
Sahib) Limited, the realised amount is just 16.30 per cent of the
admitted claims. Similarly, in Essar Power M P Limited and Diamond
Power Infrastructure Limited, the realised amount is only 20 per
cent of admitted claim.
The highest realisation is in the Jaypee Infratech case, where
financial creditors got 79 per cent of their admitted claims in the
successful resolution plan. In case of top two bank defaulters -
Bhushan Power & Steel Limited and Essar Steel India Limited -
financial creditors got 41 per cent and 60.70 per cent amount
respectively against their claims in the plan. According to The
Indian Express, the third biggest bank defaulter Videocon
Industries Limited is still in limbo as the resolution plan
approved by NCLT was set aside by NCLAT in January 2022 and a fresh
resolution plan was ordered. According to the IBBI, the average
realisation amount against the admitted claims where the resolution
plan has been approved is 32.30 per cent.
The data is based on the analysis of 1,005 companies where the
resolution plan has been approved till June, 2024, adds The Indian
Express.
=====================
P H I L I P P I N E S
=====================
COMMUNITY RURAL: Creditors Have Until Feb. 3 to File Claims
-----------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) announced that
all creditors of the closed Community Rural Bank of Medellin
(Cebu), Inc. have until Feb. 3, 2025, to file their claims against
the assets of the closed bank either by e-mail, mail, or personal
filing.
Creditors refer to any individual or entity with a valid claim
against the assets of the closed Community Rural Bank of Medellin
(Cebu), Inc. and include depositors whose deposits exceed the
maximum deposit insurance coverage (MDIC) of PHP500,000. The
Philippine Deposit Insurance Corporation (PDIC) said that creditors
may file their claims through any of the following:
1. E-mail at medellin-pad@pdic.gov.ph;
2. Mail addressed to the PDIC Public Assistance Department, Ground
Floor, PDIC Chino Bldg., 2228 Chino Roces Avenue, Makati City 1231.
Claims filed by mail must have a postmark date no later than
February 3, 2025; or
3. Personal filing at the PDIC Public Assistance Center (PAC)
located on the Ground Floor, PDIC Chino Bldg., 2228 Chino Roces
Avenue, Makati City, from Monday to Friday, from 8:00 AM to 5:00
PM. For visits to the PAC, clients are highly encouraged to request
an appointment by calling the Public Assistance Hotline during
office hours at (02) 8841-4141 or at Toll-Free number
1-800-1-888-7342 or 1-800-1-888-PDIC, by sending an e-mail request
to medellin-pad@pdic.gov.ph, or by sending a request through
private message at PDIC's official Facebook page at
www.facebook.com/OfficialPDIC.
The prescribed Claim Form against the assets of the closed bank may
be downloaded from the PDIC website at
http://www.pdic.gov.ph/files/Claim_Form_Against_Assets_of_Closed_Banks.pdf.
PDIC reminds creditors to transact only with authorized PDIC
personnel.
Claims filed after February 3, 2025, shall be disallowed. PDIC, as
Receiver, shall notify creditors of the denial or disallowance of
claims through mail. Claims denied or disallowed by the PDIC may be
filed with the liquidation court within 60 days from receipt of
final notice of denial or disallowance of claim or within 20 days
from the date of publication of the Order setting the Petition for
Assistance in the Liquidation Proceeding for the initial hearing,
whichever is later.
In addition, PDIC said that depositors with account balances of
more than the MDIC of PHP500,000 who have already filed claims for
the insured portion of their deposits as of February 3, 2025, are
deemed to have filed their claims for the uninsured portion or the
amount in excess of the MDIC.
PDIC, as Receiver of closed banks, requires personal data from
creditors to be able to process their claims and protects these
data in compliance with the Data Privacy Act of 2012.
Community Rural Bank of Medellin (Cebu), Inc. was ordered closed by
virtue of Monetary Board Resolution No. 1287 dated November 14,
2024. It is a single-unit rural bank located on Jose Rizal St.,
Brgy. Poblacion, Medellin, Cebu.
All requests and inquiries relating to Community Rural Bank of
Medellin (Cebu), Inc. shall be addressed to the PDIC Public
Assistance Department through e-mail at Medellin-pad@pdic.gov.ph,
or through telephone number (02) 8841-4141. Creditors outside Metro
Manila may call the PDIC Toll Free Hotline during office hours at
1-800-1-888-PDIC (7342). Inquiries may also be sent as a private
message to the PDIC's official Facebook page at
www.facebook.com/OfficialPDIC.
RB OF SAN AGUSTIN: Jan. 6 Deadline for Deposit Insurance Claims
---------------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) announced that
depositors of the closed Rural Bank of San Agustin (Isabela), Inc.
have until Jan. 6, 2025, to file their deposit insurance claims.
Based on the latest PDIC data, deposit insurance claims for 316
deposit accounts with aggregate insured deposits amounting to
PHP989,161.10 have yet to be filed by depositors. Data also showed
that as of Nov. 30, 2024, PDIC had paid depositors of the closed
Rural Bank of San Agustin (Isabela), Inc. the total amount of
PHP222.5 million, corresponding to 99.6% of the bank's total
insured deposits amounting to PHP223.3 million.
Depositors are advised to file their claims either online via
e-mail at pad@pdic.gov.ph or through postal mail or courier
addressed to the PDIC Public Assistance Department, Ground Floor,
PDIC Chino Bldg., 2228 Chino Roces Avenue, Makati City 1231.
Claims may also be filed personally at the PDIC Public Assistance
Center (PAC) located at the Ground Floor, PDIC Chino Bldg., 2228
Chino Roces Avenue, Makati City, from Monday to Friday, 8:00 AM to
5:00 PM. For visits to the PAC, clients are highly encouraged to
request for an appointment by calling the Public Assistance Hotline
during office hours at (02) 8841-4141 (for clients within Metro
Manila), or the Toll-Free number 1-800-1-888-7342 or
1-800-1-888-PDIC during office hours (for clients outside Metro
Manila). Clients may also send an e-mail to pad@pdic.gov.ph, or
send a private message at PDIC's official Facebook page,
www.facebook.com/OfficialPDIC.
When filing claims through e-mail, scanned copies or photo images
of the accomplished, signed, and notarized Claim Form, evidence of
deposit (i.e., first page of the savings passbook with account
name/number and last page with account balance, or the front and
back portion of the certificate of time deposit, etc.), and one
valid photo-bearing ID with the depositor's signature should be
attached to the e-mail.
For claims filed personally or via postal mail or courier service,
depositors are advised to submit the accomplished, signed and
notarized Claim Form, original Savings Passbook and/or Certificate
of Time Deposit and photocopy of one (1) valid photo-bearing ID
with depositor's signature.
The depositors are further advised that additional documents and/or
original copy of documents submitted via e-mail may be required by
PDIC, as necessary, in the course of evaluation and processing of
claims.
The Claim Form can be downloaded from the PDIC website at
http://www.pdic.gov.ph/files/New_PDIC_Claim_Form.pdf.The Claim
Form is free and there is no fee for filing deposit insurance
claims.
Depositors who are below 18 years old should mail or submit either
a photocopy of their Birth Certificate issued by the Philippine
Statistics Authority (PSA) or a duly certified copy issued by the
Local Civil Registrar. Representatives of claimants are required to
mail or submit an original copy of a notarized Special Power of
Attorney of the depositor or parent of a minor depositor. The
Special Power of Attorney template may be downloaded from the PDIC
website at http://www.pdic.gov.ph/files/spa_claims.pdf.
Under the PDIC Charter, depositors are given two years from bank
takeover to file deposit insurance claims with the PDIC. Rural Bank
of San Agustin (Isabela), Inc. was taken over by the PDIC on Jan.
6, 2023, after it was ordered closed by the Monetary Board of the
Bangko Sentral ng Pilipinas on January 5, 2023. Rural Bank of San
Agustin (Isabela), Inc. was a two-unit rural bank with Head Office
located at RB Building, Vallejo St., Barangay I (Pob.), Jones,
Isabela. Its lone branch is located in San Agustin, Isabela.
Depositors who have outstanding loans or payables to the bank will
be referred to the duly designated Loans Officer prior to the
settlement of their deposit insurance claims.
For more information, depositors may call the PDIC Public
Assistance Hotline at (02) 8841-4141, or the Toll-free hotline
1-800-1-888-PDIC or 1-800-1-888-7342 during office hours.
Depositors may also send an e-mail to the PDIC Public Assistance
Department at pad@pdic.gov.ph or private message at the official
PDIC Facebook page, www.facebook.com/OfficialPDIC.
=================
S I N G A P O R E
=================
AKIBARE RE: Creditors' Proofs of Debt Due on Jan. 28
----------------------------------------------------
Creditors of Akibare Re Pte. Ltd. are required to file their proofs
of debt by Jan. 28, 2025, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Dec. 17, 2024.
The company's liquidator is:
Chek Khai Juat
c/o Tricor Singapore
9 Raffles Place
#26-01 Republic Plaza
Singapore 048619
OLAM FUND: Creditors' Proofs of Debt Due on Jan. 26
---------------------------------------------------
Creditors of Olam Fund Management Pte. Ltd. are required to file
their proofs of debt by Jan. 26, 2025, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Dec. 20, 2024.
The company's liquidator is:
Lai Kuan Loong, Victor
CitadelCorp
20 Collyer Quay, #11-07
Singapore 049319
RH CAPITAL: Creditors' Proofs of Debt Due on Jan. 27
----------------------------------------------------
Creditors of RH Capital Pte. Ltd. are required to file their proofs
of debt by Jan. 27, 2025, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Dec. 20, 2024.
The company's liquidator is:
Lee Chong Xiang
26 Eng Hoon Street
Singapore 169776
RH ORCHARD: Creditors' Proofs of Debt Due on Jan. 27
----------------------------------------------------
Creditors of RH Orchard Pte. Ltd. are required to file their proofs
of debt by Jan. 27, 2025, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Dec. 20, 2024.
The company's liquidator is:
Lee Chong Xiang
26 Eng Hoon Street
Singapore 169776
TOYO LOGISTICS: Creditors' Proofs of Debt Due on Jan. 27
--------------------------------------------------------
Creditors of Toyo Logistics (S) Pte. Ltd. are required to file
their proofs of debt by Jan. 27, 2025, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Dec. 18, 2024.
The company's liquidator is:
Chieng Leong Kwong
190 Middle Road
#13-01 Fortune Centre
Singapore 188979
=================
S R I L A N K A
=================
SRI LANKA: Fitch Hikes LongTerm Issuer Default Ratings to 'CCC+'
----------------------------------------------------------------
Fitch Ratings has upgraded Sri Lanka's Long-Term Foreign-Currency
Issuer Default Rating (IDR) to 'CCC+', from 'RD' (Restricted
Default). Fitch typically does not assign an Outlook to sovereigns
with a rating of 'CCC+' or below.
Fitch has also upgraded the Local-Currency IDR to 'CCC+', from
'CCC-', to align with the Long-Term Foreign-Currency IDR, as the
risk of another default on local-currency debt has been reduced by
the completion of the international sovereign bond restructuring
and an improved outlook for macroeconomic indicators. Sri Lanka
completed the local-currency portion of its domestic debt
optimisation in September 2023, following the exchange of treasury
bills and provisional advances held by Central Bank of Sri Lanka's
into new treasury bonds and bills.
Key Rating Drivers
Foreign-Currency Debt Exchange: The upgrade of the Long-Term
Foreign-Currency IDR reflects Fitch's assessment that Sri Lanka has
normalised relations with a majority of creditors, after the
announcement of final results of the invitation to exchange the
outstanding stock of international sovereign bonds with a 98%
participation rate. One bond series with non-aggregated collective
action clauses did not meet the required 75% level. Without this
bond series, the acceptance results imply a restructuring of 96% of
total commercial external debt.
New Debt Instruments: The debt exchange will convert 11
international sovereign bonds and accumulated past due interest
(PDI) into a mix of four macro-linked bonds, one governance-linked
bond and one PDI bond. Bondholders can choose the local alternative
governed by domestic law, with rupee-denominated bonds and a US
dollar bond with step-up coupon payments.
Other Commercial and Official Debt Restructuring: Sri Lanka is also
restructuring debt to commercial and official creditors. An
agreement in principle has been reached with most commercial
creditors including international banks for an amount of about
USD200 million. Restructuring of debt owed to official creditors is
expected to be completed by end-2024.
Improved External Finances: Sri Lanka's foreign-currency debt
restructuring offers substantial upfront debt repayment relief,
with no foreign-currency bond maturities until 2029. The first
amortisation on the macro-linked bonds, which have low coupon rates
until 2032, starts from 2029. Governance linked bond amortisation
begins in 2034 and the US-dollar step-up bonds start amortisation
in 2029. Fitch expects foreign-exchange reserves to reach USD8.7
billion by 2026, also reflecting debt relief over the period.
Debt Still High: The debt restructuring has reduced the
government's debt service burden and liquidity risks, but general
government debt/GDP and the interest/revenue ratio are likely to
stay high in the medium term. The restructuring under Fitch's
baseline assumptions lowers general government debt/GDP to about
90% by 2028, while Fitch forecasts the interest/revenue ratio to
decline to 42%, still well above the 'CCC' median of 16%. This is,
however, a large drop from the 67% in 2021, prior to the sovereign
default.
Fiscal Reform Challenging: Sri Lanka has a weak long-term revenue
raising record, but the government implemented several major tax
measures to boost revenue collection and achieve debt
sustainability. Fitch expects general government revenue/GDP to
exceed 15% by 2026, from 11% in 2023, broadly in line with IMF
programme projections. Downside risks could be substantial if the
government fails to raise revenue.
Strong Mandate from Election Outcome: Sri Lanka's September 2024
presidential election was won by a leader of the opposition
National People's Power, which secured over two-thirds majority in
the legislature. Fitch expects the new government to support
progress on reforms. The new government has said it will continue
to implement the 48-month IMF extended fund facility, which began
in March 2023. Sri Lanka has made major progress on the programme
under the previous government.
Economy Recovering: Sri Lanka's economy is recovering after a
contraction in 2022 and 2023. In seasonally adjusted terms, real
GDP growth in 3Q24 recovered to 5.2%, after contracting by 7.4% in
2022 and 2.2% in 2023. This was driven by an 11.1% pick-up in
industrial growth, while services grew by about 2.8%. Fitch expects
growth to recover to 4.1% in 2024 and average 3.6% over 2025-2026.
Inflation in Check: The Central Bank's policy measures have largely
reversed a rise in inflation, which peaked in September 2022 at
67.2% (seasonally adjusted). Inflation continues to decline,
falling to -2.1% yoy in November 2024. The central bank has eased
monetary policy significantly, reducing the standing deposit
facility rate by a cumulative 800 bp since June 2023. Fitch expects
further easing over 2025-2026, in line with its expectation that
underlying inflationary pressure will remain muted and the central
bank will meet its medium-term inflation target of 5.0%.
Banking Sector Improving: Economic reforms implemented since the
crisis period have improved headline macroeconomic metrics, reduced
systemic risks and support banks' operating flexibility. Asset
quality stress has peaked and declining credit costs are driving
higher profitability. Pressure on foreign- and local-currency
funding and liquidity has eased on better external flows and banks'
efforts to preserve liquidity. Fitch expects banks to regain access
to foreign-currency wholesale funding, following the restoration of
the sovereign's creditworthiness.
ESG - Governance: Sri Lanka has an ESG Relevance Score of '5' for
Political Stability and Rights as well as for the Rule of Law,
Institutional and Regulatory Quality and Control of Corruption.
These scores reflect the high weight that the World Bank Governance
Indicators (WBGI) have in Fitch's proprietary Sovereign Rating
Model (SRM). Sri Lanka has a medium WBGI ranking in the 38th
percentile, reflecting a recent record of peaceful political
transitions, a moderate level of rights for participation in the
political process, moderate institutional capacity, established
rule of law and a moderate level of corruption.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Public Finances: An increase in government debt/GDP, potentially
reflecting an inability to further raise revenue, resulting in
wider budget deficits.
- External Finances: Inability to rebuild foreign-exchange reserves
that weakens debt repayment capacity.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Public Finances: A sustained decline in the general government
debt/GDP ratio that is underpinned by strong implementation of a
credible medium-term fiscal consolidation strategy, increase in
fiscal revenue and faster economic growth.
Fitch's proprietary SRM assigns Sri Lanka a score equivalent to a
rating of 'CCC+' on the Long-Term Foreign-Currency IDR scale. In
accordance with the rating criteria for ratings in the 'CCC' range
and below, Fitch has not used the SRM or QO to explain the ratings,
which are instead guided by Fitch's rating definitions.
Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a Long-Term Foreign-Currency IDR. Fitch's QO is a
forward-looking qualitative framework designed to allow for
adjustment to the SRM output to assign the final rating, reflecting
factors within its criteria that are not fully quantifiable and/or
not fully reflected in the SRM.
Country Ceiling
The Country Ceiling for Sri Lanka is affirmed at 'B-'. Fitch
assumes a starting point of 'CCC+' to determine the Country Ceiling
for sovereigns rated 'CCC+' and below. Fitch's Country Ceiling
Model produced a starting point uplift of zero notches above the
IDR. Fitch applied a +1 notch qualitative adjustment to the model
result, under the balance of payments restrictions pillar. The
Country Ceiling reflects Fitch's view that the private sector has
not been prevented or significantly impeded from converting local
currency into foreign currency and transferring the proceeds to
non-resident creditors to service debt.
Fitch does not assign Country Ceilings below 'CCC+' and only
assigns a Country Ceiling of 'CCC+' in the event that transfer and
convertibility risk has materialised and is affecting the vast
majority of economic sectors and asset classes.
ESG Considerations
Sri Lanka has an ESG Relevance Score of '5' for Political Stability
and Rights, as WBGI have the highest weight in Fitch's SRM and are
highly relevant to the rating and a key rating driver with a high
weight. As Sri Lanka has a percentile rank below 50 for the
respective governance indicator, this has a negative impact on the
credit profile.
Sri Lanka has an ESG Relevance Score of '5' for Rule of Law,
Institutional & Regulatory Quality and Control of Corruption, as
WBGI have the highest weight in Fitch's SRM and are therefore
highly relevant to the rating and are a key rating driver with a
high weight. As Sri Lanka has a percentile rank below 50 for the
respective governance indicators, this has a negative impact on the
credit profile.
Sri Lanka has an ESG Relevance Score of '4' for Human Rights and
Political Freedoms, as the Voice and Accountability pillar of the
WBGI is relevant to the rating and a rating driver. As Sri Lanka
has a percentile rank below 50 for the respective governance
indicator, this has a negative impact on the credit profile.
Sri Lanka has an ESG Relevance Score of '4' for Creditor Rights, as
willingness to service and repay debt is highly relevant to the
rating and is a key rating driver with a high weight. As Sri Lanka
had a recent event of default on public debt in 2022, this has a
negative impact on the credit profile.
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' 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. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Prior
----------- ------ -----
Sri Lanka LT IDR CCC+ Upgrade RD
ST IDR C Affirmed C
LC LT IDR CCC+ Upgrade CCC-
LC ST IDR C Affirmed C
Country Ceiling B- Affirmed B-
SRI LANKA: Moody's Hikes LT Foreign Currency Issuer Rating to Caa1
------------------------------------------------------------------
Moody's Ratings has upgraded the Government of Sri Lanka's
long-term foreign currency issuer rating to Caa1 from Ca. The
outlook is stable. Previously, the rating was on review for
upgrade.
The decision to upgrade the issuer rating to Caa1 is driven by the
conclusion of the restructuring of Sri Lanka's international bonds
held by private-sector creditors, which reduces the default risk on
new and future issuances. At Caa1, Sri Lanka's credit profile
reflects the reduction in external vulnerability and government
liquidity risk and prospects for fiscal and debt sustainability,
from a weak starting point, which are underpinned by ongoing
reforms under the government's programmes with development partners
including the International Monetary Fund (IMF). Willingness and
capacity to implement reforms speak to Sri Lanka's governance and
also underpin the rating action. However, these credit supports are
balanced against still weak debt affordability and a high debt
burden compared to peers, which limit the government's fiscal
flexibility and capacity to address underlying social challenges.
The stable outlook reflects balanced risks to the ratings. On the
upside, the government's commitment to and continued implementation
of reforms may strengthen its credit profile beyond Moody's current
assumptions, to a level consistent with a higher rating. On the
downside, the still narrow government revenue base and limited
fiscal space, combined with the reliance on external financing,
pose asymmetric risks to the credit profile should the global
macroeconomic environment become less supportive for a sustained
economic recovery and further reform implementation.
This rating action concludes the review that Moody's initiated on
November 28, 2024.
Concurrently, Moody's have assigned definitive Caa1 foreign
currency senior unsecured ratings to Sri Lanka's new
USD-denominated issuances, specifically the macro-linked bonds
(MLBs), the governance-linked bond (GLB), as well as the step-up
and past-due interest (PDI) bonds, from provisional (P)Caa1
ratings. Moody's have also withdrawn the Ca foreign currency senior
unsecured rating on Sri Lanka's July 2022 bond, of which $268
million remains outstanding after the settlement of bonds in the
government's exchange offer, for business reasons.
Sri Lanka's local and foreign currency country ceilings have been
raised to B1 from Caa1 and B3 from Ca, respectively. The
three-notch gap between the local currency ceiling and the
sovereign rating balances a contained government footprint, against
still relatively limited but increasing foreign exchange buffers
that confer macroeconomic risks, as well as a challenging domestic
political and policymaking environment due to underlying social
pressures. The two-notch gap between the foreign currency ceiling
and local currency ceiling takes into consideration the high level
of external indebtedness although the rebuilding of foreign
exchange buffers is reducing the risk of transfer and
convertibility restrictions.
RATINGS RATIONALE
RATIONALE FOR UPGRADING THE ISSUER RATING TO Caa1
Sri Lanka's government announced that the exchange offer it made on
November 25, 2024 has been successful, resulting in the exchange of
all past international bond issuances except $268 million of its
July 2022 bond. The successful exchange concludes the restructuring
of Sri Lanka's international bonds and reduces the default risk on
the new and future issuances.
Prior to the restructuring of international bonds, Sri Lanka had
already reached agreements with its main bilateral creditors, which
include Paris Club members and India (together the Official
Creditor Committee) as well as China, and China Development Bank.
The agreements have either come into effect or will do so in the
coming weeks. The government also restructured part of its domestic
debt over July to September 2023 in its Domestic Debt Optimisation
(DDO) initiative. The DDO covered the local currency debt held by
the Central Bank of Sri Lanka (CBSL) and superannuation funds, as
well as the USD-denominated Sri Lanka Development Bonds (SLDBs) and
Foreign Currency Banking Units (FCBUs) held by domestic investors
including banks.
Sri Lanka's credit fundamentals have improved over the past two
years, aided by effective policy adjustments that have led to a
stabilisation of the macroeconomic environment, as well as debt
restructuring and ongoing reforms under the government's programmes
with the IMF and other development partners. External vulnerability
and government liquidity risk have both declined from elevated
levels. The restructuring has also had a limited impact on the
banking sector, reflecting Sri Lanka's wider domestic investor base
compared to peers.
Foreign exchange reserves have quadrupled since the default as
sizeable financing inflows from development partners, the
suspension of external debt repayments to bilateral and commercial
creditors, an improvement in current account dynamics, as well as
substantial purchases of foreign exchange by CBSL have helped Sri
Lanka rebuild its foreign exchange buffers. As of the end of
November 2024, foreign exchange reserves (excluding gold and
special drawing rights) amounted to $6.4 billion, up from $1.6
billion in April 2022 and sufficient to cover slightly more than 3
months of total goods and services imports over the next year.
Moody's project that foreign exchange reserves will rise to cover
more than 4 months of imports and all of the country's external
debt due by the end of 2026 and over the following 2-3 years. The
higher level of foreign exchange buffers will be anchored by
supportive balance of payments dynamics, including further external
financing inflows from official and private sector sources, as well
as Moody's expectations that the current account will be largely in
balance or in a small deficit over the next 2-3 years. At the same
time, Sri Lanka's external repayment profile will remain benign at
less than 2% of GDP annually over the next few years even as debt
repayments fully resume post-restructuring, and Moody's expect the
government's gross financing needs to fall to average around 15% of
GDP, still sizeable but materially lower than before the sovereign
defaulted.
Besides the reduction in liquidity risks, Sri Lanka's fiscal and
debt dynamics are also improving, albeit from a weak starting
point. Moody's expect Sri Lanka's fiscal deficit to narrow to 5-6%
of GDP in 2025-26, compared to Moody's estimate of 7% of GDP for
2024 and an average deficit of 11% of GDP in 2021-22 around the
time of the default. The reduction in the deficit has been driven
by revenue measures that have significantly widened the
government's revenue base from 8.3% of GDP in 2021-22 to Moody's
estimate of around 14% of GDP in 2024. These revenue measures
include raising the value added tax and corporate income tax rates,
lowering the personal income tax free allowance, and strengthening
tax administration.
Although the change in president and government point to underlying
social challenges that may make further fiscal consolidation
difficult, announcements thus far – including the staff-level
agreement on the third review under Sri Lanka's IMF programme –
suggest that the new administration is committed to structural
reforms and the IMF programme. Some reprioritisation of reform
measures and targets is likely, but Moody's expect the broad reform
trajectory to remain intact.
Balanced against these credit supports are still weak debt
affordability and a still high debt burden compared to peers.
Although Sri Lanka's debt affordability has and will continue to
improve, Moody's expect interest payments to continue to absorb a
very high level of around 40-50% of government revenue into the
foreseeable future. Sri Lanka's debt affordability will remain
among the weakest across sovereigns Moody's rate and constrains its
credit profile. Likewise, while Moody's expect Sri Lanka's debt
burden to decline to around 95% of GDP by the end of this year
after the restructuring of international bonds, and to below 90%
within the next 2-3 years from a peak of 114% at the end of 2022,
the debt burden will remain high compared to peers.
RATIONALE FOR THE STABLE OUTLOOK
The stable outlook reflects balanced risks to the ratings.
On the upside, the government's commitment to and continued
implementation of reforms may strengthen its credit profile beyond
Moody's current assumptions, to a level consistent with a higher
rating. In particular, the government has exceeded its revenue
targets under its IMF programme and is targeting further increases
in revenue over the coming years. While Moody's believe the social
backdrop remains challenging, significant revenue increases can
contribute to material improvements in debt affordability and
reduction in debt burden beyond Moody's expectations.
On the downside, the still narrow government revenue base and
limited fiscal space, combined with the reliance on external
financing, pose asymmetric risks to the credit profile. Although
Moody's expect global growth to remain steady, which will support
continued recovery of Sri Lanka's economy, any slowdown in global
growth affecting the demand for the country's exports could result
in balance of payments imbalances and threaten the recovery and
reform momentum.
RATIONALE FOR ASSIGNING DEFINITIVE Caa1 RATINGS ON THE NEW DEBT
ISSUANCES
The final terms of the new debt issuances indicate that they will
constitute direct, unconditional and unsecured obligations of the
government, and will rank pari passu among themselves and equally
with all of the government's other unsecured and unsubordinated
obligations of the government.
Moody's have assigned Caa1 ratings to the USD-denominated MLBs,
GLB, as well as the step-up and PDI bonds, from provisional (P)Caa1
ratings. The MLBs will vary in payment based on a point-in-time
comparison of GDP outcomes to be conducted by November 2028,
affecting both coupon payments and principal repayments from 2028.
In particular, the principal value will range between 79% and 122%
of the notional amount exchanged in the offer depending on realised
GDP outcomes as published by the IMF compared to the IMF's
currently published baseline projections. Importantly, once the
point-in-time comparison is conducted and any adjustments to
contractual obligations are made, there will be no other source of
variation to debt payments. Also, any revisions to GDP outcomes at
a later date will not impact the payments determined by the
point-in-time comparison. The GLB does not involve any changes to
the principal value compared to the notional amount exchanged in
the offer, but has a step-down feature in coupon payments from
December 2028 if key performing indicators and data disclosure
requirements are met. In rating the MLBs and GLB, Moody's do not
assess the likelihood of any of the GDP outcomes or criteria
determining the payments. Moody's ratings reflect Moody's
assessment of Sri Lanka's ability and willingness to meet its
contractual obligations.
RATIONALE FOR WITHDRAWING THE Ca RATING ON THE JULY 2022 BOND
Moody's have decided to withdraw the rating(s) for Moody's own
business reasons.
ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS
Sri Lanka's ESG credit impact score (CIS-4) indicates that the
rating is lower than it would have been if ESG risk exposures did
not exist. This reflects weak governance that leads to very low
resilience to environmental and social risks.
Sri Lanka's exposure to environment risk (E-4 issuer profile score)
is driven mainly by its physical climate vulnerability. Variations
in the seasonal monsoon can have marked effects on rural household
incomes and real GDP growth: while the agricultural sector
comprises only around 8% of the total economy, it employs more than
a quarter of Sri Lanka's total labour force. Natural disasters
including droughts, flash floods and tropical cyclones that the
country is exposed to also contribute to higher food inflation and
import demand. Moreover, ongoing development projects to improve
urban connectivity have increased the rate of deforestation,
although the country continues to engage development partners to
preserve its natural capital, such as its mangroves.
The exposure to social risk (S-4 issuer profile score) reflects the
constraints the government will face in delivering high-quality
social services and developing critical infrastructure as the
population continues to grow, given its still relatively narrow
revenue base. Moody's assessment also balances Sri Lanka's
relatively good access to basic education, which has continued to
improve throughout the country in the post-civil war period,
against weaknesses in the provision of some basic services in more
remote and rural areas, such as water, sanitation and housing.
The weak governance profile (G-4 issuer profile score) reflects
challenges in policymaking that led to a deterioration in the
government's credit fundamentals and debt default, although the
return of reform appetite and implementation of credit supportive
measures is helping to restore some policy credibility. Domestic
political developments also tend to weigh on fiscal and economic
policymaking. International surveys continue to point to aspects of
governance that are stronger in Sri Lanka relative to rating peers,
including in judicial independence and control of corruption.
GDP per capita (PPP basis, US$): 14,455 (2023) (also known as Per
Capita Income)
Real GDP growth (% change): -2.3% (2023) (also known as GDP
Growth)
Inflation Rate (CPI, % change Dec/Dec): 4.2% (2023)
Gen. Gov. Financial Balance/GDP: -8.3% (2023) (also known as Fiscal
Balance)
Current Account Balance/GDP: 1.8% (2023) (also known as External
Balance)
External debt/GDP: 65% (2023)
Economic resiliency: ba3
Default history: At least one default event (on bonds and/or loans)
has been recorded since 1983.
On December 18, 2024, a rating committee was called to discuss the
rating of the Sri Lanka, Government of. The main points raised
during the discussion were: The issuer's economic fundamentals,
including its economic strength, have not materially changed. The
issuer's institutions and governance strength, have materially
increased. The issuer's fiscal or financial strength, including its
debt profile, has not materially changed. The issuer has become
less susceptible to event risks. ESG (Governance) was a key driver
of this rating action.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Upward pressure on the ratings would emerge if ongoing and further
reforms were to strengthen the government's credit profile beyond
Moody's current expectations, including through a significantly
wider revenue base that supported debt affordability, increased
fiscal flexibility and deleveraging. A lengthening track record of
reform implementation that fostered credit-positive outcomes would
also increase Moody's assessment of the credibility and
effectiveness of institutions and policies, thereby exerting upward
pressure on the ratings.
Downward pressure on the ratings would emerge if the government's
reform appetite were to wane, potentially resulting in policies
that weaken its credit profile. A weaker global macroeconomic
environment or a less conducive growth and external environment
that resulted in an erosion of recently rebuilt foreign exchange
buffers would also exert downward pressure on the ratings.
The principal methodology used in these ratings was Sovereigns
published in November 2022.
The weighting of all rating factors is described in the methodology
used in this credit rating action, if applicable.
The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.
SRI LANKA: S&P Affirms SD/SD Foreign Curr. Sovereign Credit Ratings
-------------------------------------------------------------------
On Dec. 27, 2024, S&P Global Ratings affirmed its 'SD/SD'
(selective default) long- and short-term foreign currency and
'CCC+/C' long- and short-term local currency sovereign credit
ratings on Sri Lanka. The outlook on the long-term local currency
rating is stable. S&P also revised upward its transfer and
convertibility assessment on Sri Lanka to 'CCC+' from 'CCC'
previously.
At the same time, S&P assigned its 'CCC+' issue ratings to three
categories of Sri Lanka's post-restructuring new notes:
-- Amortizing Governance-linked bonds maturing in 2035;
-- Amortizing U.S. dollar step-up bonds maturing in 2038; and
-- Amortizing PDI bonds maturing in 2030.
Outlook
S&P's long-term foreign currency rating on Sri Lanka is 'SD'. It
does not assign outlooks to 'SD' ratings because they express a
condition and not a forward-looking opinion of default
probability.
The stable outlook on the long-term local currency rating reflects
the balance of improvements to Sri Lanka's debt profile achieved
through its domestic and external restructuring exercises against
continued risk to the government's fiscal sustainability from
ongoing economic, external, and fiscal pressures over the next 12
months.
Downside scenario
S&P said, "We could lower the long-term local currency rating on
Sri Lanka if there are indications of a further restructuring of
obligations denominated in the Sri Lankan rupee to commercial
creditors. Developments that could precede these indications
include a rapid rise in inflation, a further rise in the
government's interest burden, or a significantly worse fiscal
performance by the government leading to local currency funding
pressures."
Upside scenario
S&P said, "We could raise the long-term local currency rating on
Sri Lanka if we perceive that the sustainability of the
government's large local currency debt stock has improved further.
This could be the case if, for example, the government's fiscal
metrics and the performance of the economy improve much more
quickly than we expect.
"We could raise our long-term foreign currency sovereign credit
rating once Sri Lanka completes the restructuring of its remaining
foreign currency-denominated commercial debt, including the
government-guaranteed bond that SriLankan Airlines issued. The
rating would reflect Sri Lanka's creditworthiness
post-restructuring.
"Our post-restructuring ratings tend to be in the 'CCC' or low 'B'
categories, depending on the sovereign's new debt structure and
capacity to support its debt."
Rationale
S&P assigned its 'CCC+' foreign currency issue ratings to three of
Sri Lanka's categories of new notes following the completion of the
government's distressed debt exchange on its ISBs. The exchange
offer received the consent of holders of more than 97% of the
outstanding ISBs, sufficiently exceeding the required thresholds
set out in the exchange offer to complete the transaction.
The restructuring of Sri Lanka's US$12.5 billion ISBs plus
capitalized interest aims to ease external debt-service pressure
and restore public debt sustainability as part of the country's
ongoing extended funding facility arrangement with the IMF.
Following the bond exchange, Sri Lanka will achieve under the
baseline scenario approximately US$9.5 billion in debt service
payment reduction over the four-year IMF program period, a 31%
reduction in the coupon rate of its bonds, and an extension of the
average maturity profile of more than five years, according to
estimates from the Sri Lankan Treasury.
Bondholders representing 97.8% of the total ISB value outstanding
agreed to the exchange offer, which grants them new notes in
various structures under global or local options. The global option
includes: (1) a capitalized interest bond with a coupon of 4.0%
(PDI bond), (2) macro-linked bonds with contingencies for nominal
and real GDP performance (MLBs); and (3) a governance-linked bond
(GLB) with a coupon that will step up in 2027 and again in 2032.
The GLBs are subject to two interest step-ups in 2027 and 2032. The
application of a potential step-down margin in 2028 will hinge on
two government key performance indicators, including the
government's 2026-2027 revenue performance and publication of a
fiscal strategy statement in accordance with certain criteria. If
both are achieved, the coupon will be lowered by 75bps following
timely certification of the government having met the relevant
KPIs. S&P considers the KPIs to be related to improvements in Sri
Lanka's creditworthiness.
The local option includes a U.S. dollar step-up bond with a smaller
nominal haircut of 10% and a lower coupon starting from 1.0%, in
addition to two other bonds. The coupon gradually rises over time
to a terminal rate of 3.5% in 2036-2038. The bond contains an
alternative currency event clause allowing Sri Lanka to make coupon
and principal payments in the Sri Lankan rupee equivalent if it is
unable or impracticable to make payment in the U.S. dollar.
S&P said, "As per our rating definitions, our 'CCC+' local currency
rating suggests the creditworthiness of an issuer is vulnerable and
dependent upon favorable financial and economic conditions, but the
issuer does not face a near-term payment crisis.
"We affirmed our long- term and short-term 'SD' foreign currency
sovereign credit ratings because Sri Lanka's government appears to
be still in the early stages of restructuring a US$175 million bond
issued by SriLankan Airlines that it guarantees."
In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.
After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.
The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.
The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.
Ratings List
New Rating
Sri Lanka
Senior Unsecured CCC+
Not Rated Action
To From
Sri Lanka
Senior Unsecured NR D
Ratings Affirmed
Sri Lanka
Sovereign Credit Rating
Foreign Currency SD/--/SD
Local Currency CCC+/Stable/C
Sri Lanka
Senior Unsecured D
SriLankan Airlines Ltd.
Senior Unsecured D
Upgraded
To From
Sri Lanka
Transfer & Convertibility Assessment CCC+ CCC
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week Dec. 23, 2024 to Dec. 27, 2024
-------------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
ACN 113 874 712 PTY 13.25 02/15/18 USD 0.22
ACN 113 874 712 PTY 13.25 02/15/18 USD 0.22
VIRGIN AUSTRALIA HO 8.00 11/26/24 AUD 0.43
VIRGIN AUSTRALIA HO 7.88 10/15/21 USD 0.39
VIRGIN AUSTRALIA HO 7.88 10/15/21 USD 0.39
VIRGIN AUSTRALIA HO 8.25 05/30/23 AUD 0.34
VIRGIN AUSTRALIA HO 8.08 03/05/24 AUD 0.34
VIRGIN AUSTRALIA HO 8.13 11/15/24 USD 0.22
VIRGIN AUSTRALIA HO 8.13 11/15/24 USD 0.21
CHINA
-----
ANHUI PINGTIANHU IN 7.50 08/13/26 CNY 42.11
ANHUI PINGTIANHU IN 7.50 08/13/26 CNY 40.00
ANLU CONSTRUCTION D 7.80 11/28/26 CNY 63.22
ANLU CONSTRUCTION D 7.80 11/28/26 CNY 60.00
ANNING DEVELOPMENT 8.00 12/04/25 CNY 20.77
ANNING DEVELOPMENT 8.00 12/04/25 CNY 20.74
ANNING DEVELOPMENT 8.80 09/11/25 CNY 20.72
ANSHANG WANGTONG CO 7.50 05/06/26 CNY 41.80
ANSHANG WANGTONG CO 7.50 05/06/26 CNY 41.74
ANSHUN CITY XIXIU I 8.00 01/29/26 CNY 41.36
ANSHUN CITY XIXIU I 7.90 11/15/25 CNY 40.95
ANSHUN CITY XIXIU I 8.00 01/29/26 CNY 40.67
ANYUE XINGAN CITY D 7.50 05/06/26 CNY 41.73
ANYUE XINGAN CITY D 7.50 01/30/25 CNY 20.20
ANYUE XINGAN CITY D 7.50 01/30/25 CNY 20.20
BIJIE CITY ANFANG C 7.80 01/18/26 CNY 41.29
BIJIE CITY ANFANG C 7.80 01/18/26 CNY 40.55
BIJIE QIXINGGUAN DI 8.05 08/16/25 CNY 20.75
BIJIE TIANHE URBAN 8.05 12/03/25 CNY 41.09
BIJIE TIANHE URBAN 8.05 12/03/25 CNY 40.76
CAOXIAN SHANG DU IN 7.80 10/28/26 CNY 42.55
CAOXIAN SHANG DU IN 7.80 10/28/26 CNY 42.54
CHANGDE DEYUAN INVE 7.70 06/11/25 CNY 20.60
CHANGDE DEYUAN INVE 7.70 06/11/25 CNY 20.59
CHANGDE DINGCHENG J 7.58 10/19/25 CNY 20.85
CHANGDE DINGCHENG J 7.58 10/19/25 CNY 20.84
CHENGDU GARDEN WATE 8.00 06/13/25 CNY 20.42
CHENGDU GARDEN WATE 8.00 06/13/25 CNY 20.00
CHISHUI CITY CONSTR 8.50 01/18/26 CNY 41.31
CHISHUI CITY CONSTR 8.50 01/18/26 CNY 41.28
CHONGQING HONGYE IN 7.50 12/24/26 CNY 62.96
CHONGQING JIANGLAI 7.50 10/26/25 CNY 20.87
CHONGQING JIANGLAI 7.50 10/26/25 CNY 20.00
CHONGQING NANCHUAN 7.80 08/06/26 CNY 42.08
CHONGQING SHUANGFU 7.50 09/09/26 CNY 42.44
CHONGQING THREE GOR 7.80 03/01/26 CNY 41.59
CHONGQING THREE GOR 7.80 03/01/26 CNY 40.00
CHONGQING TONGRUI A 7.50 09/18/26 CNY 42.38
CHONGQING TONGRUI A 7.50 09/18/26 CNY 40.00
CHONGQING WANSHENG 7.50 03/27/25 CNY 20.73
CHONGQING WANSHENG 7.50 03/27/25 CNY 20.28
CHONGQING WANSHENG 8.50 11/25/25 CNY 30.78
CHONGQING YUDIAN ST 8.00 11/30/25 CNY 41.08
CHUYING AGRO-PASTOR 8.80 06/26/19 CNY 1.00
DALI URBAN DEVELOPM 8.00 12/25/25 CNY 41.87
DALI URBAN DEVELOPM 8.00 12/25/25 CNY 41.23
DAWA COUNTY CITY CO 7.80 01/30/26 CNY 41.33
DAWA COUNTY CITY CO 7.80 01/30/26 CNY 38.80
DAWU COUNTY URBAN C 7.50 09/20/26 CNY 42.35
DAWU COUNTY URBAN C 7.50 09/20/26 CNY 40.00
DING NAN CITY CONST 7.80 04/08/26 CNY 41.42
DING NAN CITY CONST 7.80 04/08/26 CNY 40.00
DUJIANGYAN NEW CITY 7.80 10/11/25 CNY 20.78
DUJIANGYAN NEW CITY 7.80 10/11/25 CNY 20.50
DUJIANGYAN NEW CITY 7.80 05/02/25 CNY 20.45
DUJIANGYAN NEW CITY 7.80 05/02/25 CNY 20.00
DUJIANGYAN XINGYAN 7.50 11/01/26 CNY 42.69
FANGCHENG GANGSHI W 7.93 12/25/25 CNY 21.05
FANGCHENG GANGSHI W 7.95 10/11/25 CNY 20.91
FANGCHENG GANGSHI W 7.93 12/25/25 CNY 20.00
FANGCHENG GANGSHI W 7.95 10/11/25 CNY 20.00
FANTASIA GROUP CHIN 7.50 06/30/28 CNY 73.70
FANTASIA GROUP CHIN 7.80 06/30/28 CNY 44.53
FUJIAN FUSHENG GROU 7.90 12/17/21 CNY 70.99
FUJIAN FUSHENG GROU 7.90 11/19/21 CNY 60.00
FUZHOU LINCHUAN URB 8.00 02/26/26 CNY 41.56
GANZHOU NANKANG DIS 8.00 01/23/26 CNY 41.32
GANZHOU NANKANG DIS 8.00 01/23/26 CNY 40.00
GANZHOU NANKANG DIS 8.00 10/29/25 CNY 20.92
GANZHOU NANKANG DIS 8.00 09/27/25 CNY 20.84
GANZHOU NANKANG DIS 8.00 10/29/25 CNY 20.00
GANZHOU NANKANG DIS 8.00 09/27/25 CNY 20.00
GANZHOU ZHANGGONG C 7.80 10/16/25 CNY 22.68
GANZHOU ZHANGGONG C 7.80 10/16/25 CNY 20.88
GOME APPLIANCE CO L 7.80 12/21/24 CNY 37.00
GUANGAN XINHONG INV 7.50 06/03/26 CNY 43.09
GUANGAN XINHONG INV 7.50 06/03/26 CNY 41.83
GUANGDONG PEARL RIV 7.50 10/26/26 CNY 18.03
GUANGXI BAISE EXPER 7.59 01/08/26 CNY 41.16
GUANGXI BAISE EXPER 7.60 12/24/25 CNY 41.04
GUANGXI BAISE EXPER 7.60 12/24/25 CNY 40.00
GUANGXI BAISE EXPER 7.59 01/08/26 CNY 39.39
GUANGXI CHONGZUO UR 8.50 09/26/25 CNY 20.97
GUANGXI CHONGZUO UR 8.50 09/26/25 CNY 20.96
GUANGXI NINGMING HU 8.50 11/05/26 CNY 43.19
GUANGXI NINGMING HU 8.50 11/05/26 CNY 42.46
GUANGXI NINGMING HU 8.50 12/07/25 CNY 40.93
GUANGXI TIANDONG CO 7.50 06/04/27 CNY 40.00
GUANGYUAN CITY DEVE 7.50 10/25/27 CNY 26.89
GUANGYUAN YUANQU CH 7.50 07/15/26 CNY 74.02
GUANGYUAN YUANQU CO 7.50 12/23/26 CNY 62.88
GUANGYUAN YUANQU CO 7.50 10/30/26 CNY 61.77
GUANGYUAN YUANQU CO 7.50 12/23/26 CNY 60.00
GUANGYUAN YUANQU CO 7.50 10/30/26 CNY 40.00
GUANGZHOU FINELAND 13.60 07/27/23 USD 0.73
GUCHENG CONSTRUCTIO 7.88 04/27/25 CNY 20.38
GUCHENG CONSTRUCTIO 7.88 04/27/25 CNY 20.00
GUIXI STATE OWNED H 7.50 09/17/26 CNY 43.42
GUIXI STATE OWNED H 7.50 09/17/26 CNY 42.41
GUIYANG BAIYUN INDU 7.50 03/06/26 CNY 41.44
GUIYANG BAIYUN INDU 7.50 03/06/26 CNY 40.62
GUIYANG BAIYUN INDU 8.30 03/21/25 CNY 20.46
GUIYANG BAIYUN INDU 8.30 03/21/25 CNY 20.31
GUIYANG ECONOMIC DE 7.50 04/30/26 CNY 41.38
GUIYANG ECONOMIC DE 7.90 10/29/25 CNY 20.94
GUIYANG ECONOMIC DE 7.90 10/29/25 CNY 20.82
GUIYANG ECONOMIC TE 7.80 04/30/26 CNY 41.83
GUIYANG ECONOMIC TE 7.80 04/30/26 CNY 41.80
GUIYANG HI-TECH HOL 8.00 11/25/26 CNY 62.33
GUIYANG HI-TECH HOL 8.00 11/25/26 CNY 60.27
GUIZHOU CHANGSHUN C 8.50 03/19/26 CNY 41.85
GUIZHOU CHANGSHUN C 8.50 03/19/26 CNY 40.00
GUIZHOU EAST LAKE C 8.00 12/07/25 CNY 41.10
GUIZHOU EAST LAKE C 8.00 12/07/25 CNY 40.57
GUIZHOU GUIAN DEVEL 7.60 04/26/25 CNY 5.90
GUIZHOU HONGGUO ECO 7.80 02/08/25 CNY 20.23
GUIZHOU HONGGUO ECO 7.80 02/08/25 CNY 20.10
GUIZHOU HONGGUO ECO 7.80 11/24/24 CNY 20.03
GUIZHOU HONGGUO ECO 7.80 11/24/24 CNY 10.50
GUIZHOU JINFENGHUAN 7.60 08/19/26 CNY 42.26
GUIZHOU JINFENGHUAN 7.60 08/19/26 CNY 41.50
GUIZHOU SHUANGLONG 7.50 04/20/30 CNY 60.00
GUIZHOU SHUICHENG E 7.50 10/26/25 CNY 20.86
GUIZHOU SHUICHENG E 7.50 10/26/25 CNY 19.50
GUIZHOU SHUICHENG W 8.00 11/27/25 CNY 40.47
GUIZHOU SHUICHENG W 8.00 11/27/25 CNY 40.46
GUIZHOU ZHONGSHAN D 8.00 03/18/29 CNY 70.00
HAIAN URBAN DEMOLIT 8.00 12/21/25 CNY 41.19
HAIAN URBAN DEMOLIT 7.74 05/02/25 CNY 20.42
HENGYANG CITY AND U 7.80 12/14/24 CNY 20.09
HENGYANG CITY AND U 7.80 12/14/24 CNY 20.09
HONGAN URBAN DEVELO 7.50 12/04/24 CNY 20.06
HONGAN URBAN DEVELO 7.50 12/04/24 CNY 20.00
HUAINAN SHAN NAN DE 7.94 04/01/26 CNY 41.91
HUAINAN SHAN NAN DE 7.94 04/01/26 CNY 40.00
HUAINAN URBAN CONST 7.58 02/12/26 CNY 41.50
HUAINAN URBAN CONST 7.50 03/20/25 CNY 20.36
HUAINAN URBAN CONST 7.50 03/20/25 CNY 20.00
HUBEI DAYE LAKE HIG 7.50 04/01/26 CNY 41.36
HUBEI JIAKANG CONST 7.80 12/19/25 CNY 40.96
HUBEI YILING ECONOM 7.50 12/02/26 CNY 61.16
HUBEI YILING ECONOM 7.50 03/28/26 CNY 41.63
HUBEI YILING ECONOM 7.50 03/28/26 CNY 40.00
HUNAN CHUZHISHENG H 7.50 03/27/26 CNY 41.48
HUNAN CHUZHISHENG H 7.50 03/27/26 CNY 40.00
HUNAN MEISHAN RESOU 8.00 03/21/26 CNY 41.73
HUNAN MEISHAN RESOU 8.00 03/21/26 CNY 40.00
HUNAN TIANYI RONGTO 8.00 10/24/25 CNY 20.97
HUNAN TIANYI RONGTO 8.00 10/24/25 CNY 20.97
HUNAN TIANYI RONGTO 7.50 09/17/25 CNY 20.79
HUNAN XUANDA CONSTR 7.50 01/24/26 CNY 41.26
HUNAN XUANDA CONSTR 7.50 01/23/26 CNY 41.19
HUNAN XUANDA CONSTR 7.50 01/24/26 CNY 40.00
HUNAN XUANDA CONSTR 7.50 01/23/26 CNY 40.00
HUZHOU NEW CITY INV 7.50 11/23/24 CNY 20.03
HUZHOU NEW CITY INV 7.50 11/23/24 CNY 20.00
HUZHOU WUXING NANTA 7.90 09/20/25 CNY 20.92
JIA COUNTY DEVELOPM 7.50 01/21/27 CNY 62.77
JIA COUNTY DEVELOPM 7.50 01/21/27 CNY 58.00
JIAHE ZHUDU DEVELOP 7.50 03/13/25 CNY 20.31
JIAHE ZHUDU DEVELOP 7.50 03/13/25 CNY 20.00
JIANGSU YANGKOU POR 7.60 08/17/25 CNY 22.50
JIANGSU YANGKOU POR 7.60 08/17/25 CNY 20.70
JIANGSU ZHONGNAN CO 7.80 03/17/29 CNY 44.19
JIANGXI HUANGGANGSH 7.90 01/25/26 CNY 41.07
JIANGXI HUANGGANGSH 7.90 10/08/25 CNY 20.68
JIANGXI HUANGGANGSH 7.90 10/08/25 CNY 20.68
JIANGXI JIHU DEVELO 7.50 04/10/25 CNY 20.37
JIANGXI JIHU DEVELO 7.50 04/10/25 CNY 20.00
JIANGXI TONGGU CITY 7.50 04/21/27 CNY 63.89
JIANGYOU XINGYI PAR 7.50 05/07/26 CNY 51.81
JIANGYOU XINGYI PAR 7.80 12/17/25 CNY 51.00
JIANLI FENGYUAN CIT 7.50 01/14/26 CNY 41.17
JIANLI FENGYUAN CIT 7.50 01/14/26 CNY 40.00
JILIN ECONOMY TECHN 8.00 03/26/28 CNY 62.59
JILIN ECONOMY TECHN 8.00 03/26/28 CNY 59.21
JINING NEW CITY DEV 7.60 03/23/25 CNY 20.21
JINING NEW CITY DEV 7.60 03/23/25 CNY 20.00
JINXIANG COUNTY CIT 7.50 03/20/26 CNY 41.54
JINXIANG COUNTY CIT 7.50 03/20/26 CNY 40.92
JINZHOU CIHANG GROU 9.00 04/05/20 CNY 33.63
KAILI GUIZHOU TOWN 7.98 03/30/27 CNY 64.06
KAILI GUIZHOU TOWN 7.98 03/30/27 CNY 64.05
KAIYUAN CITY XINGYU 7.50 09/22/27 CNY 64.69
KAIYUAN CITY XINGYU 7.50 09/22/27 CNY 64.36
LAOTING INVESTMENT 7.50 04/11/26 CNY 41.64
LAOTING INVESTMENT 7.50 04/11/26 CNY 39.80
LIJIN CITY CONSTRUC 7.50 04/26/26 CNY 41.72
LIJIN CITY CONSTRUC 7.50 12/20/25 CNY 41.09
LIJIN CITY CONSTRUC 7.50 04/26/26 CNY 40.00
LIJIN CITY CONSTRUC 7.50 12/20/25 CNY 40.00
LINFEN YAODU DISTRI 7.50 09/19/25 CNY 20.78
LINYI COUNTY CITY D 7.78 03/21/25 CNY 20.35
LINYI COUNTY CITY D 7.78 03/21/25 CNY 20.00
LINYI ZHENDONG CONS 7.50 12/06/25 CNY 41.00
LINYI ZHENDONG CONS 7.50 11/26/25 CNY 41.00
LINYI ZHENDONG CONS 7.50 12/06/25 CNY 40.83
LINYI ZHENDONG CONS 7.50 11/26/25 CNY 40.79
LIUPANSHUI AGRICULT 8.00 04/26/27 CNY 59.40
LIUPANSHUI AGRICULT 8.00 04/26/27 CNY 59.39
LONGNAN ECO&TECH DE 7.50 07/26/26 CNY 42.04
LUANCHUAN COUNTY TI 8.50 01/23/26 CNY 41.47
LUANCHUAN COUNTY TI 8.50 01/23/26 CNY 40.00
LUOHE ECONOMIC DEVE 7.50 12/18/25 CNY 41.09
LUOHE ECONOMIC DEVE 7.50 12/18/25 CNY 41.03
LUOYANG XIYUAN STAT 7.80 01/29/26 CNY 41.40
LUOYANG XIYUAN STAT 7.80 01/29/26 CNY 41.20
LUOYANG XIYUAN STAT 7.50 11/15/25 CNY 41.13
LUOYANG XIYUAN STAT 7.50 11/15/25 CNY 40.79
MAANSHAN NINGBO INV 7.50 04/18/26 CNY 41.65
MAANSHAN NINGBO INV 7.80 11/29/25 CNY 41.01
MAANSHAN NINGBO INV 7.80 11/29/25 CNY 41.00
MAANSHAN NINGBO INV 7.50 04/18/26 CNY 16.00
MEISHAN CITY DONGPO 8.00 01/03/26 CNY 41.26
MEISHAN CITY DONGPO 8.00 01/03/26 CNY 40.00
MEISHAN CITY DONGPO 8.08 08/16/25 CNY 20.77
MEISHAN CITY DONGPO 8.08 08/16/25 CNY 20.00
MEISHAN HONGSHUN PA 7.50 12/10/25 CNY 51.41
MENGZHOU INVESTMENT 8.00 11/06/25 CNY 20.96
MENGZHOU INVESTMENT 8.00 09/03/25 CNY 20.79
MENGZHOU INVESTMENT 8.00 11/06/25 CNY 20.00
MENGZHOU INVESTMENT 8.00 09/03/25 CNY 20.00
MENGZI CITY DEVELOP 8.00 03/25/26 CNY 42.25
MENGZI CITY DEVELOP 8.00 03/25/26 CNY 41.62
MIAN YANG ECONOMIC 8.00 09/29/26 CNY 42.63
MIAN YANG ECONOMIC 8.20 03/15/26 CNY 41.65
MIAN YANG ECONOMIC 8.00 09/29/26 CNY 40.00
MIAN YANG ECONOMIC 8.20 03/15/26 CNY 40.00
MIANYANG ANZHOU INV 7.90 11/25/26 CNY 62.98
MIANYANG ANZHOU INV 7.90 11/25/26 CNY 60.00
MIANYANG ANZHOU INV 8.10 11/22/25 CNY 41.06
MIANYANG ANZHOU INV 8.10 11/22/25 CNY 40.00
MIANYANG ANZHOU INV 8.10 05/04/25 CNY 20.49
MIANYANG ANZHOU INV 8.10 05/04/25 CNY 20.25
MIANYANG HUIDONG IN 8.10 04/28/25 CNY 20.48
MIANYANG HUIDONG IN 8.10 02/10/25 CNY 20.27
MIANZHU CITY JINSHE 7.87 12/18/25 CNY 41.15
MIANZHU CITY JINSHE 7.87 12/18/25 CNY 41.13
MILE AGRICULTURAL I 7.60 02/27/26 CNY 41.40
MILE AGRICULTURAL I 7.60 02/27/26 CNY 41.00
MILE AGRICULTURAL I 8.00 10/25/25 CNY 20.88
MILE AGRICULTURAL I 8.00 10/25/25 CNY 20.28
MUDANJIANG LONGSHEN 7.50 09/27/25 CNY 20.79
NANCHONG JIALING DE 7.98 05/23/25 CNY 20.54
NANCHONG JIALING DE 7.80 12/12/24 CNY 20.09
NANCHONG JIALING DE 7.80 12/12/24 CNY 20.08
NANCHONG JIALING DE 7.98 05/23/25 CNY 20.00
NINGXIA SHENG YAN I 7.50 09/27/28 CNY 42.45
PANJIN CITY SHUANGT 8.50 01/29/26 CNY 41.50
PANJIN CITY SHUANGT 8.50 01/29/26 CNY 41.49
PANJIN CITY SHUANGT 8.70 12/20/25 CNY 41.34
PANJIN CITY SHUANGT 8.70 12/20/25 CNY 41.33
PANJIN LIAODONGWAN 7.50 12/28/26 CNY 62.98
PEIXIAN ECONOMIC DE 7.51 11/04/26 CNY 42.47
PEIXIAN ECONOMIC DE 7.51 11/04/26 CNY 40.00
PENGSHAN DEVELOPMEN 7.98 05/03/25 CNY 21.59
PENGSHAN DEVELOPMEN 7.98 05/03/25 CNY 20.48
PENGZE CITY DEVELOP 7.60 08/31/25 CNY 20.75
PENGZE CITY DEVELOP 7.60 08/31/25 CNY 20.75
PINGLIANG CHENGXIAN 7.80 03/29/26 CNY 41.62
PINGLIANG CHENGXIAN 7.80 03/29/26 CNY 41.40
PUDING YELANG STATE 8.00 03/13/25 CNY 20.22
PUDING YELANG STATE 8.00 03/13/25 CNY 20.07
PUDING YELANG STATE 7.79 11/13/24 CNY 20.01
PUER CITY SI MAO GU 7.50 03/14/26 CNY 41.91
PUER CITY SI MAO GU 7.50 03/14/26 CNY 41.44
QIANDONGNAN TRANSPO 8.00 01/15/27 CNY 63.43
QIANDONGNAN TRANSPO 8.00 01/15/27 CNY 63.42
QIANNANZHOU INVESTM 8.00 01/02/26 CNY 41.23
QIANXINAN AUTONOMOU 8.00 06/22/27 CNY 63.89
QIANXINAN PREFECTUR 7.99 06/10/27 CNY 62.96
QIANXINAN PREFECTUR 7.99 06/10/27 CNY 60.00
QIANXINAN WATER RES 7.50 09/25/27 CNY 64.94
QIANXINAN WATER RES 7.50 09/25/27 CNY 64.93
QINGHAI PROVINCIAL 7.88 03/22/21 USD 1.58
QINGZHEN CITY CONST 7.50 03/18/26 CNY 41.47
QINGZHEN CITY CONST 7.50 03/18/26 CNY 41.46
QINGZHOU HONGYUAN P 7.60 06/17/27 CNY 48.25
QINGZHOU HONGYUAN P 7.60 06/17/27 CNY 48.23
QINZHOU BINHAI NEW 7.70 08/15/26 CNY 42.38
QINZHOU BINHAI NEW 7.70 08/15/26 CNY 42.37
QUJING CITY QILIN D 8.50 01/21/26 CNY 41.47
QUJING CITY QILIN D 8.50 01/21/26 CNY 40.00
RENHUAI WATER INVES 8.00 12/26/25 CNY 40.73
RENHUAI WATER INVES 7.98 07/26/25 CNY 20.68
RENHUAI WATER INVES 7.98 02/24/25 CNY 20.15
RUCHENG SHUNXING IN 7.50 01/07/26 CNY 41.20
RUCHENG SHUNXING IN 7.50 01/07/26 CNY 40.00
RUDONG NEW WORLD IN 7.50 12/06/26 CNY 63.00
RUDONG NEW WORLD IN 7.50 12/06/26 CNY 60.00
RUILI RENLONG INVES 8.00 09/20/26 CNY 42.05
SHAANXI XIYUE HUASH 7.50 12/27/26 CNY 62.88
SHAANXI XIYUE HUASH 7.50 12/27/26 CNY 62.30
SHANDONG HONGHE HOL 7.50 01/29/26 CNY 41.14
SHANDONG OCEAN CULT 7.50 04/25/26 CNY 41.64
SHANDONG OCEAN CULT 7.50 03/28/26 CNY 41.56
SHANDONG RENCHENG R 7.50 01/23/26 CNY 41.07
SHANDONG RUYI TECHN 7.90 09/18/23 CNY 52.10
SHANDONG SANXING GR 7.90 08/30/27 CNY 58.00
SHANDONG URBAN CAPI 7.50 04/12/26 CNY 41.55
SHANDONG URBAN CAPI 7.50 04/12/26 CNY 40.00
SHANGLI GANXIANG CI 7.80 01/22/26 CNY 41.10
SHANGLI GANXIANG CI 7.80 01/22/26 CNY 40.49
SHANGLI GANXIANG CI 7.50 06/01/25 CNY 20.47
SHANGLI GANXIANG CI 7.50 06/01/25 CNY 20.42
SHANGRAO GUANGXIN U 7.95 07/24/25 CNY 20.67
SHANGRAO GUANGXIN U 7.95 07/24/25 CNY 20.67
SHANXI JINZHONG STA 7.50 05/05/26 CNY 41.73
SHAOYANG SAISHUANGQ 8.00 11/28/25 CNY 41.03
SHAOYANG SAISHUANGQ 8.00 11/28/25 CNY 40.00
SHEHONG STATE OWNED 7.60 10/25/25 CNY 20.88
SHEHONG STATE OWNED 7.60 10/22/25 CNY 20.87
SHEHONG STATE OWNED 7.50 08/22/25 CNY 20.71
SHEHONG STATE OWNED 7.60 10/25/25 CNY 20.00
SHEHONG STATE OWNED 7.60 10/22/25 CNY 20.00
SHEHONG STATE OWNED 7.50 08/22/25 CNY 20.00
SHENWU ENVIRONMENTA 9.00 03/14/19 CNY 12.00
SHEYANG URBAN CONST 7.80 11/27/24 CNY 20.03
SHEYANG URBAN CONST 7.80 11/27/24 CNY 20.03
SHIFANG CITY NATION 8.00 12/05/25 CNY 41.09
SHIFANG CITY NATION 8.00 12/05/25 CNY 40.00
SHIYAN CITY CHENGTO 7.80 02/13/26 CNY 44.82
SHUANGYASHAN DADI C 8.50 12/16/26 CNY 63.53
SHUANGYASHAN DADI C 8.50 12/16/26 CNY 63.52
SHUANGYASHAN DADI C 8.50 08/26/26 CNY 42.77
SHUANGYASHAN DADI C 8.50 08/26/26 CNY 42.76
SHUANGYASHAN DADI C 8.50 04/30/26 CNY 42.08
SHUANGYASHAN DADI C 8.50 04/30/26 CNY 42.07
SHUOZHOU INVESTMENT 7.80 12/25/25 CNY 41.14
SHUOZHOU INVESTMENT 7.80 12/25/25 CNY 41.12
SHUOZHOU INVESTMENT 7.50 10/23/25 CNY 21.60
SHUOZHOU INVESTMENT 7.50 10/23/25 CNY 20.93
SICHUAN CHENG'A DEV 7.50 11/29/24 CNY 20.04
SICHUAN CHENG'A DEV 7.50 11/29/24 CNY 20.00
SICHUAN COAL INDUST 7.70 01/09/18 CNY 45.00
SICHUAN LANGUANG DE 7.50 07/23/22 CNY 42.00
SICHUAN LANGUANG DE 7.50 08/12/21 CNY 12.63
SICHUAN LANGUANG DE 7.50 07/11/21 CNY 12.63
SIYANG JIADING INDU 7.50 12/14/25 CNY 41.86
SIYANG JIADING INDU 7.50 12/14/25 CNY 41.00
SIYANG JIADING INDU 7.50 04/27/25 CNY 20.40
SIYANG JIADING INDU 7.50 04/27/25 CNY 20.40
TAHOE GROUP CO LTD 7.50 08/15/20 CNY 24.00
TAHOE GROUP CO LTD 8.50 08/02/21 CNY 2.37
TAHOE GROUP CO LTD 7.50 10/10/20 CNY 2.20
TAHOE GROUP CO LTD 7.50 09/19/21 CNY 2.17
TAIXING CITY CHENGX 7.60 04/24/26 CNY 41.78
TAIXING CITY CHENGX 7.60 04/04/26 CNY 41.69
TAIXING CITY CHENGX 7.80 03/05/26 CNY 41.49
TAIXING CITY CHENGX 7.60 04/24/26 CNY 40.00
TAIXING CITY CHENGX 7.60 04/04/26 CNY 40.00
TAIXING CITY CHENGX 7.80 03/05/26 CNY 40.00
TAIXING XINGHUANG I 8.50 11/15/25 CNY 40.82
TAIXING XINGHUANG I 8.50 11/15/25 CNY 39.59
TAIZHOU FENGCHENGHE 7.90 12/29/24 CNY 20.12
TAIZHOU FENGCHENGHE 7.90 12/29/24 CNY 20.00
TAIZHOU HUACHENG ME 8.50 12/26/25 CNY 41.36
TAIZHOU HUACHENG ME 8.50 12/26/25 CNY 40.00
TANCHENG COUNTY CIT 7.50 04/09/26 CNY 41.58
TANCHENG COUNTY CIT 7.50 04/09/26 CNY 40.00
TANGSHAN HOLDING DE 7.60 05/16/25 CNY 20.48
TANGSHAN HOLDING DE 7.60 05/16/25 CNY 20.35
TAOYUAN COUNTY CONS 8.00 10/17/26 CNY 42.83
TAOYUAN COUNTY CONS 7.50 09/11/26 CNY 42.42
TAOYUAN COUNTY CONS 8.00 10/17/26 CNY 40.00
TAOYUAN COUNTY CONS 7.50 09/11/26 CNY 40.00
TAOYUAN COUNTY ECON 8.20 09/06/25 CNY 21.25
TAOYUAN COUNTY ECON 8.20 09/06/25 CNY 20.86
TEMPUS GROUP CO LTD 7.50 06/07/20 CNY 2.00
TENGCHONG SHIXINGBA 7.50 05/05/26 CNY 51.56
TIANJIN REAL ESTATE 7.70 03/16/21 CNY 21.49
TONGCHENG CITY CONS 7.50 07/23/25 CNY 20.64
TONGCHENG CITY CONS 7.50 07/23/25 CNY 20.00
TONGHUA FENGYUAN IN 7.80 04/30/26 CNY 41.70
TONGHUA FENGYUAN IN 8.00 12/18/25 CNY 41.17
TONGHUA FENGYUAN IN 7.80 04/30/26 CNY 41.16
TONGHUA FENGYUAN IN 8.00 12/18/25 CNY 40.00
TONGREN WATER GROUP 8.00 11/29/28 CNY 73.50
TONGXIANG CHONGDE I 7.88 11/29/25 CNY 41.70
TONGXIANG CHONGDE I 7.88 11/29/25 CNY 41.10
TUNGHSU GROUP CO LT 8.18 10/25/21 CNY 22.00
WEIHAI LANCHUANG CO 7.70 10/11/25 CNY 20.90
WEIHAI LANCHUANG CO 7.70 10/11/25 CNY 20.82
WEIHAI WENDENG URBA 7.50 03/04/29 CNY 73.00
WEIHAI WENDENG URBA 7.70 05/02/28 CNY 64.19
WEIHAI WENDENG URBA 7.70 05/02/28 CNY 62.50
WEINAN CITY INDUSTR 7.50 06/30/27 CNY 63.67
WEINAN CITY INDUSTR 7.50 06/30/27 CNY 60.00
WEINAN CITY INDUSTR 7.50 04/28/26 CNY 41.63
WEINAN CITY INDUSTR 7.50 04/28/26 CNY 40.00
WINTIME ENERGY GROU 7.50 04/04/21 CNY 43.63
WINTIME ENERGY GROU 7.90 03/29/21 CNY 43.63
WINTIME ENERGY GROU 7.90 12/22/20 CNY 43.63
WINTIME ENERGY GROU 7.50 12/06/20 CNY 43.63
WINTIME ENERGY GROU 7.50 11/16/20 CNY 43.63
WINTIME ENERGY GROU 7.70 11/15/20 CNY 43.63
WUSU CITY XINGRONG 7.50 10/25/25 CNY 20.82
WUSU CITY XINGRONG 7.50 10/25/25 CNY 20.00
WUXUE URBAN CONSTRU 7.50 04/12/26 CNY 41.46
WUXUE URBAN CONSTRU 7.50 04/12/26 CNY 40.00
WUZHOU CANGHAI CONS 8.00 05/31/28 CNY 64.79
WUZHOU CITY CONSTRU 7.90 03/26/29 CNY 73.20
XIAN LINTONG URBAN 7.69 04/22/26 CNY 41.73
XIAN LINTONG URBAN 7.69 04/22/26 CNY 40.00
XIFENG COUNTY URBAN 8.00 03/14/26 CNY 41.29
XINFENG COUNTY URBA 7.80 04/16/26 CNY 41.88
XINFENG COUNTY URBA 7.80 04/16/26 CNY 41.81
XINFENG COUNTY URBA 7.80 12/05/25 CNY 41.14
XINFENG COUNTY URBA 7.80 12/05/25 CNY 40.00
XINGYI XINHENG URBA 8.00 11/21/25 CNY 40.90
XINGYI XINHENG URBA 8.00 11/21/25 CNY 40.61
XINGYI XINHENG URBA 7.90 01/31/25 CNY 20.11
XINGYI XINHENG URBA 7.90 01/31/25 CNY 20.00
XINPING URBAN DEVEL 7.70 01/24/26 CNY 41.30
XINYU CITY YUSHUI D 7.50 09/24/26 CNY 42.49
XIPING COUNTY INDUS 7.50 12/26/24 CNY 20.11
XIPING COUNTY INDUS 7.50 12/26/24 CNY 20.00
XUZHOU CITY JIAWANG 7.98 05/06/26 CNY 41.92
XUZHOU CITY JIAWANG 7.88 01/28/26 CNY 40.58
XUZHOU CITY JIAWANG 7.98 05/06/26 CNY 40.50
XUZHOU CITY JIAWANG 7.88 01/28/26 CNY 40.45
YANCHENG URBANIZATI 7.50 03/04/27 CNY 63.65
YANGLING URBAN RURA 7.80 06/19/26 CNY 42.11
YANGLING URBAN RURA 7.80 02/20/26 CNY 41.46
YANGLING URBAN RURA 7.80 06/19/26 CNY 40.00
YANGLING URBAN RURA 7.80 02/20/26 CNY 40.00
YIBIN NANXI CAIYUAN 8.10 11/28/25 CNY 41.19
YIBIN NANXI CAIYUAN 8.10 11/28/25 CNY 41.10
YIBIN NANXI CAIYUAN 8.10 07/24/25 CNY 20.58
YIBIN NANXI CAIYUAN 8.10 07/24/25 CNY 20.00
YICHANG CHUANGYUAN 7.80 11/06/25 CNY 20.96
YINGKOU BEIHAI NEW 7.98 01/25/25 CNY 20.21
YINGKOU BEIHAI NEW 7.98 01/25/25 CNY 20.21
YINGTAN JUNENG INVE 8.00 05/06/26 CNY 41.99
YINGTAN JUNENG INVE 8.00 05/06/26 CNY 40.00
YIYANG COUNTY CITY 7.90 11/05/25 CNY 40.96
YIYANG COUNTY CITY 7.90 11/05/25 CNY 22.01
YIYANG COUNTY CITY 7.50 06/07/25 CNY 20.50
YIYANG COUNTY CITY 7.50 06/07/25 CNY 20.00
YIYANG LONGLING CON 7.60 01/23/26 CNY 41.14
YIYANG LONGLING CON 7.60 01/23/26 CNY 40.30
YIYUAN HONGDING ASS 7.50 08/17/25 CNY 21.15
YIYUAN HONGDING ASS 7.50 08/17/25 CNY 20.67
YONGAN STATE-OWNED 8.50 11/26/25 CNY 41.15
YONGAN STATE-OWNED 8.50 11/26/25 CNY 40.00
YONGCHENG COAL & EL 7.50 02/02/21 CNY 39.88
YONGXIU CITY CONSTR 7.80 08/27/25 CNY 20.60
YONGXIU CITY CONSTR 7.50 05/02/25 CNY 20.32
YONGXIU CITY CONSTR 7.80 08/27/25 CNY 20.00
YONGXIU CITY CONSTR 7.50 05/02/25 CNY 20.00
YOUYANG COUNTY TAOH 7.50 09/28/25 CNY 20.79
YUANJIANG CITY CONS 7.50 01/18/26 CNY 41.23
YUANJIANG CITY CONS 7.50 01/18/26 CNY 41.22
YUDU ZHENXING INVES 7.50 05/03/25 CNY 20.49
YUDU ZHENXING INVES 7.50 05/03/25 CNY 20.41
YUEYANG CITY JUNSHA 7.96 03/13/27 CNY 63.92
YUEYANG CITY JUNSHA 7.96 03/13/27 CNY 60.51
YUEYANG CITY JUNSHA 7.96 04/23/26 CNY 41.77
YUEYANG CITY JUNSHA 7.96 04/23/26 CNY 40.00
YUEYANG HUILIN INVE 7.50 12/23/26 CNY 62.85
YUEYANG HUILIN INVE 7.50 12/23/26 CNY 60.00
YUSHEN ENERGY DEVEL 7.50 05/07/27 CNY 63.90
YUSHEN ENERGY DEVEL 7.50 05/07/27 CNY 60.00
YUTAI XINDA ECONOMI 7.50 04/10/26 CNY 41.58
ZHANGJIAJIE LOULI T 7.50 03/26/26 CNY 41.56
ZHANGJIAJIE LOULI T 7.50 03/26/26 CNY 41.55
ZHANGZI NATIONAL OW 7.50 10/18/26 CNY 42.52
ZHANGZI NATIONAL OW 7.50 10/18/26 CNY 40.00
ZHEJIANG CHANGXING 7.50 05/16/26 CNY 41.74
ZHEJIANG CHANGXING 7.50 05/16/26 CNY 41.60
ZHEJIANG CHANGXING 7.50 12/26/25 CNY 41.11
ZHEJIANG CHANGXING 7.50 12/26/25 CNY 40.00
ZHEJIANG HUZHOU NAN 7.80 08/21/25 CNY 19.91
ZHEJIANG WUYI CITY 8.00 12/21/25 CNY 41.23
ZHEJIANG WUYI CITY 8.00 12/21/25 CNY 41.23
ZHEJIANG WUYI CITY 8.00 08/10/25 CNY 20.81
ZHEJIANG WUYI CITY 8.00 08/10/25 CNY 20.00
ZHONGHONG HOLDING C 8.00 07/04/19 CNY 2.75
ZHONGTIAN FINANCIAL 8.50 08/16/27 CNY 31.04
ZHONGXIANG CITY CON 7.50 07/05/26 CNY 42.12
ZHONGXIANG CITY CON 7.50 07/05/26 CNY 40.00
ZHOUSHAN ISLANDS NE 7.50 01/30/27 CNY 58.95
ZHOUSHAN ISLANDS NE 7.50 01/30/27 CNY 55.00
ZHUZHOU HI-TECH AUT 8.00 08/14/25 CNY 25.94
ZIGUI COUNTY CHUYUA 7.80 02/12/28 CNY 64.24
ZIGUI COUNTY CHUYUA 7.80 02/12/28 CNY 60.00
ZIYANG KAILI INVEST 8.00 02/14/26 CNY 41.30
ZUNYI ROAD & BRIDGE 8.00 05/08/29 CNY 70.83
ZUNYI TRAFFIC TRAVE 7.80 03/07/29 CNY 74.66
HONG KONG
---------
CHINA SOUTH CITY HO 9.00 04/12/24 USD 28.83
CHINA SOUTH CITY HO 9.00 06/26/24 USD 28.25
CHINA SOUTH CITY HO 9.00 12/11/24 USD 27.89
CHINA SOUTH CITY HO 9.00 10/09/24 USD 27.88
HAINAN AIRLINES HON 12.00 10/29/21 USD 1.92
HONGKONG IDEAL INVE 14.75 10/08/22 USD 2.60
YANGO JUSTICE INTER 10.25 09/15/22 USD 0.40
YANGO JUSTICE INTER 7.50 04/15/24 USD 0.39
YANGO JUSTICE INTER 9.25 04/15/23 USD 0.22
YANGO JUSTICE INTER 7.50 02/17/25 USD 0.16
YANGO JUSTICE INTER 8.25 11/25/23 USD 0.15
YANGO JUSTICE INTER 7.88 09/04/24 USD 0.13
YANGO JUSTICE INTER 10.00 02/12/23 USD 0.12
YANGO JUSTICE INTER 10.25 03/18/22 USD 0.01
ZENSUN ENTERPRISES 12.50 04/23/24 USD 5.38
ZENSUN ENTERPRISES 12.50 09/13/23 USD 5.25
INDONESIA
---------
WIJAYA KARYA PERSER 9.10 03/03/26 IDR 74.57
WIJAYA KARYA PERSER 9.10 03/03/26 IDR 74.33
WIJAYA KARYA PERSER 8.50 03/03/26 IDR 73.91
WIJAYA KARYA PERSER 8.50 03/03/26 IDR 73.91
WIJAYA KARYA PERSER 8.55 09/08/26 IDR 68.44
WIJAYA KARYA PERSER 8.55 09/08/26 IDR 68.21
WIJAYA KARYA PERSER 10.50 11/03/27 IDR 65.31
WIJAYA KARYA PERSER 10.50 11/03/27 IDR 65.31
WIJAYA KARYA PERSER 10.90 11/03/29 IDR 64.92
WIJAYA KARYA PERSER 10.90 11/03/29 IDR 64.92
WIJAYA KARYA PERSER 7.75 02/18/27 IDR 63.84
WIJAYA KARYA PERSER 7.75 02/18/27 IDR 63.52
WIJAYA KARYA PERSER 9.75 03/03/28 IDR 63.03
WIJAYA KARYA PERSER 9.85 12/18/27 IDR 62.93
WIJAYA KARYA PERSER 9.75 03/03/28 IDR 62.87
WIJAYA KARYA PERSER 9.85 12/18/27 IDR 62.64
WIJAYA KARYA PERSER 9.25 09/08/28 IDR 60.80
WIJAYA KARYA PERSER 9.25 09/08/28 IDR 60.75
WIJAYA KARYA PERSER 8.30 02/18/29 IDR 58.02
WIJAYA KARYA PERSER 8.30 02/18/29 IDR 57.97
WIJAYA KARYA PERSER 8.60 12/18/25 IDR 55.84
INDIA
-----
BHARAT SANCHAR NIGA 7.55 03/20/34 INR 63.39
IIFL SAMASTA FINANC 10.75 02/24/25 INR 30.86
IKF FINANCE LTD 10.60 03/27/25 INR 25.04
IKF HOME FINANCE LT 10.85 08/31/26 INR 74.73
MAHANAGAR TELEPHONE 7.51 03/06/34 INR 51.29
PIRAMAL CAPITAL & H 8.50 04/18/23 INR 34.25
MALAYSIA
--------
CAPITAL A BHD 8.00 12/29/28 MYR 0.96
PHILIPPINES
-----------
BAYAN TELECOMMUNICA 15.00 07/15/06 USD 15.00
BAYAN TELECOMMUNICA 15.00 07/15/06 USD 15.00
SINGAPORE
---------
BAKRIE TELECOM PTE 11.50 05/07/15 USD 0.59
BLD INVESTMENTS PTE 8.63 03/23/15 USD 6.75
DAVOMAS INTERNATION 11.00 05/09/11 USD 0.33
DAVOMAS INTERNATION 11.00 05/09/11 USD 0.33
DAVOMAS INTERNATION 11.00 12/08/14 USD 0.33
DAVOMAS INTERNATION 11.00 12/08/14 USD 0.33
ENERCOAL RESOURCES 9.25 08/05/14 USD 45.75
ITNL OFFSHORE PTE L 7.50 01/18/21 CNY 22.30
MICLYN EXPRESS OFFS 8.75 11/25/18 USD 0.76
NOMURA INTERNATIONA 19.50 08/28/28 TRY 64.85
NOMURA INTERNATIONA 7.65 10/04/37 AUD 64.33
ORO NEGRO DRILLING 7.50 01/24/24 USD 0.50
RICKMERS MARITIME 8.45 05/15/17 SGD 5.00
SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 6.13
SOUTH KOREA
-----------
KOSME SCALE-UP SECU 24.00 12/30/24 KRW 73.64
KOSME SCALE-UP SECU 20.00 12/29/25 KRW 70.05
SAMPYO CEMENT CO LT 8.10 06/26/15 KRW 70.00
SAMPYO CEMENT CO LT 8.10 04/12/15 KRW 70.00
SAMPYO CEMENT CO LT 8.30 09/10/14 KRW 70.00
SAMPYO CEMENT CO LT 7.50 07/20/14 KRW 70.00
SAMPYO CEMENT CO LT 8.30 04/20/14 KRW 70.00
KOSME SCALE-UP SECU 20.00 03/30/25 KRW 68.15
KOSME SCALE-UP SECU 20.00 03/30/25 KRW 68.15
SRI LANKA
---------
SRI LANKA GOVERNMEN 12.40 05/15/31 LKR 72.61
SRI LANKA GOVERNMEN 12.40 06/15/32 LKR 69.54
SRI LANKA GOVERNMEN 7.50 01/15/33 LKR 66.55
SRI LANKA GOVERNMEN 7.50 02/15/34 LKR 63.79
SRI LANKA GOVERNMEN 7.50 03/15/35 LKR 61.46
SRI LANKA GOVERNMEN 7.50 04/15/36 LKR 59.49
SRI LANKA GOVERNMEN 12.40 05/15/37 LKR 57.86
SRI LANKA GOVERNMEN 12.40 06/15/38 LKR 56.81
SRI LANKA GOVERNMEN 7.85 03/14/29 USD 62.57
SRI LANKA GOVERNMEN 7.85 03/14/29 USD 62.56
SRI LANKA GOVERNMEN 7.55 03/28/30 USD 62.05
SRI LANKA GOVERNMEN 7.55 03/28/30 USD 62.02
*********
S U B S C R I P T I O N I N F O R M A T I O N
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