S&P puts property giant China Vanke on downgrade warning

© Reuters.

LONDON (Reuters) – There was more bad news for the Chinese property sector on Friday, as credit rating agency S&P Global put one of the country’s biggest developers, China Vanke, on a downgrade warning.

S&P’s put China Vanke’s BBB+ score on “credit watch negative” from a stable outlook previously.

Moody’s (NYSE:) on Monday downgraded Vanke to “junk” from an investment-grade rating, by assigning it a ‘Ba1’ corporate family rating (CFR), and said all of Vanke’s ratings would be on review for downgrade.